Stock Market: Sensex, Nifty Fall For 5th Day; HCL Tech's AI Bet, HDFC Bank Under US Scrutiny
Indian equity markets extended losses for the fifth consecutive session, with the Sensex trading 350 points lower near 76,000 and the Nifty slipping 100 points
Indian equity markets extended losses for the fifth consecutive session, with the Sensex trading 350 points lower near 76,000 and the Nifty slipping 100 points to trade around 23,750, driven by crude oil price surge and weakness in auto, realty, and metal stocks. Key corporate developments included HCLTech announcing a 14,000 crore rupee AI data center in Bhubaneswar with Sarvam and the Odisha Government, while HDFC Bank faced fresh scrutiny from US law firms investigating securities law violations related to 45 crore rupees in payments booked as marketing expenses.
Sun Pharma moved closer to acquiring Organon after shareholder approval for a 9.4 billion dollar deal. Reports indicated Flipkart plans to enter the online food delivery market via ONDC to compete with Zomato and Swiggy. Additionally, Manipal Healthcare prepares for a 9,200 crore rupee IPO, including an 8,000 crore rupee primary issue aimed at prepaying debt from its Sahyadri Hospitals acquisition. HSBC flash composite PMI slipped to 54.3 in July due to slowing services growth.
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