Fresh trade tensions between the US and China weighed on markets. Major indices barring the Midcaps continued their fall for the second day in a row, led by banking stocks.

Share Market Live

NSE

Nine of the twelve Nifty Bank stocks closed in the red with HDFC Bank, Kotak Mahindra Bank and Yes Bank being the top losers. The Midcap index had a relatively better performance with the Nifty Midcap index being the only headline index to close in the green. It gained 16 points to 18,923.

The Sensex fell 351 points to 37,170, the biggest one-day fall in the last four months. The 50-stock Nifty index slipped 104 points to 11,242, the biggest fall in more than a month. The Nifty Bank index edged 248 points lower to 27,348 while Midcap index closed with a gain of 21 points at 18,926.

On the earnings front, Marico failed to surprise the street as volume growth for the Indian business came at 12.4 percent on a low base whereas EBITDA and margin came in below expectations. The stock ended the session 4.6 percent lower.

Another FMCG stock, Manpasand Beverages, seemed to have overcome the audit concern. The company reported profit growth of 1.3 percent and EBITDA came in 20.85 percent higher. The stock hit the upper circuit, closed with a gain of 5 percent.

In the futures market, Nifty 11,000 Put call shed 4 lakh shares in the open interest with premium seeing a gain of 19 percent. The Nifty 11,600 Call option was amongst the most active options, with the call shedding 3 lakh shares in the open interest and premium slipping 34 percent. Nifty August Futures increased its premium 33 points from 28 points seen on Wednesday.

Asia markets fell, following an overnight mixed session in the U.S. as renewed trade concerns offset strong gains in technology stocks. In Australia, the benchmark ASX 200 declined 35 points to 6,241 as the materials subindex fell 2.2 percent. Major mining names declined, with shares of Rio Tinto lower by 4.9 percent , Fortescue Metals down 1.8 percent and BHP lost 3.3 percent.

Japan's Nikkei 225 fell 234 points to 22,512 while the Topix index declined by 1 percent to 1,752. In South Korea, the Kospi was down 38 points at 2,270. Hong Kong's Hang Seng index declined 2.2 percent. Chinese mainland markets were also lower: The Shanghai composite declined 2 percent to 2,767 and the Shenzhen composite fell 2.4 percent to 1,512.

The Trump administration announced it is looking at the possibility of slapping a 25 percent tariff on $200 billion worth of imported Chinese goods — from the initial 10 percent announced earlier.

First Published:Aug 2, 2018 4:12 PM IST