Indian stock market: The Indian stock market closed with sharp losses on Friday, August 1, as widespread selling pressure marked the start of the August derivatives series. The decline was driven by worries over tariffs, weak corporate earnings, and continued foreign fund outflows.
The Sensex dropped 586 points, or 0.72 per cent, to finish at 80,599.91, while the Nifty 50 fell 203 points, or 0.82 per cent, ending the session at 24,565.35.
Losses were more pronounced in the broader market, with both the BSE Midcap and Small-cap indices experiencing steeper declines.
The steep market decline wiped out more than ₹5 crore of investor wealth in just one session, with the total market capitalisation of BSE-listed companies falling to ₹444.5 lakh crore from ₹449.7 lakh crore in the previous trading day.
Stock market next week
Sumeet Bagadia, Executive Director at Choice Broking believes that Indian stock market sentiment is cautious as the Nifty 50 index is trading in the 24,500 to 24,950 range.
“ Bullish or bearish trend can be assumed on the breakage of either side of this range. So, one should maintain stock-specific approach and look at those stocks that are looking strong on the technical chart,” Bagadia said.
Stocks to buy
Sumeet Bagadia has recommended three stocks to buy on Monday, August 4. The three stock picks by Bagadia are – Suzlon Energy, Restaurant Brands Asia, and Udaipur Cement Works.
1] Suzlon Energy: Buy at ₹65.95 | Target Price: ₹71 | Stop Loss: ₹63.7
2] Restaurant Brands Asia: Buy at ₹83.95 | Target Price: ₹90 | Stop Loss: ₹81
3] Udaipur Cement Works: Buy at ₹36.61 | Target Price: ₹39.5 | Stop Loss: ₹35.3
Disclaimer: This story is for educational purposes only. The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions.
