Markets turn red: Indices drop as global sell-off follows US data release

The domestic share market indices snapped five-day winning streak and ended lower on Friday,following a global sell-off, as disappointing U.S. data raised worries about a potential slowdown in the world's largest economy.At close, the Sensex was down 885.60 points or 1.08 percent at 80,981.95, and the Nifty was down 293.20 points or 1.17 percent at 24,717.70. About 1426 shares advanced, 1960 shares declined, and 83 shares unchanged.
Highlights of Trade:
●Tata Motos shares down 5% but brokerages raise target post Q1,
●Ola Electric IPO opens
Tata Motors, 
●Tata Steel drops 4% each,
●Zomato rises against market mood, jumps 8% on solid Q1 show
Divis Labs, HDFC Bank, Dr Reddy's Labs, Sun Pharma and Kotak Mahindra Bank were the biggest gainers on the Nifty, while losers included Eicher Motors, Maruti Suzuki, Tata Motors, Hindalco Industries, JSW Steel.
On the sectoral front, except pharma, and healthcare, all other indices ended in the red with auto, energy, PSU Bank, IT, metal and realty down 1-3 percent.The BSE midcap index shed 1 percent and smallcap index fell 0.5 percent.
Market This Week|Sensex, Nifty down 0.3% each
●Friday’s sharp fall leads to market snapping 8-week gaining streak,
●Sensex & Nifty see a minor cut, down 0.3% each,
●Broader markets see minor gains, Midcap Index & Nifty Bank Up 0.3-0.5%,
●60% of Nifty stocks give negative returns this week
Rupee Close:
On 2 Aug'24,the Indian rupee rupee settled 2 paise lower at 83.75 against the U.S. dollar in a range-bound trade on Friday as massive sell-offs in domestic as well as global equity markets negated gains from a weak American currency.
The Indian currency resisted the fall due to a sharp decline in the dollar after the latest U.S. data showed slower manufacturing growth in the world's largest economy, forex traders reportedly stated.Foreign capital inflows also favoured the local currency, they said.
Trading Guide:
Vinod Nair, Head of Research, Geojit Financial Services reportedly quoted as saying,the domestic market saw a broad-based sell-off, indicating that it may have reached an exhaustion point due to a lack of new triggers for further upward movement. Q1FY25 earnings have been lackluster so far, while broader market valuations remain significantly high. Meanwhile, despite the US Fed hinting at a rate cut in September, global markets are consolidating as this move has already been priced in. Additionally, weak earnings from the US IT sector, a potential rise in unemployment, the possibility of further rate hikes by the BOJ, and a slowdown in China's growth are all dampening market sentiment.
Market experts have recommended these five shares to buy today- Voltas, HDFC Bank, HUL, Aditya Birla Capital, and GMR Infra.

(Writer is a Finance Research Analyst, based in Gandhinagar, Gujarat)