On 6th August, Sensex and Nifty closed lower for the third consecutive day as geopolitical tensions and negative global cues erased gains.

Sensex closed 166 points lower at 78,593, and Nifty slipped 63 points to 23,992, below the 24,000 level. 

The Nifty Bank index dropped 344 points to 49,748 and fell 1,000 points from its highs.

Major gainers in the Sensex basket included JSW Steel, Tech Mahindra, Hindustan Unilever, Larsen & Toubro, HCL Technologies, and Wipro. At the same time, the key laggards were Mahindra & Mahindra, State Bank of India, Bharti Airtel, Titan Company, UltraTech Cement, and Power Grid Corporation of India.

The market breadth was negative, and the advance-decline ratio stood at 1:2, pointing to a broad-based sell-off. The rupee slipped for the fifth consecutive session against the US dollar, inching closer to the 84/dollar mark.

Financial stocks turned weak, dragging HDFC Life and SBI Life Insurance down by 4% and 2%, respectively.

LIC Housing Finance was down 5% on weak Q1 earnings. Marico was the biggest Nifty loser as it has large sales exposure to Bangladesh.

PFC shed 5% post-disappointing earnings. Shree Cement and TVS Motor were other losers, while Vedanta ended up with flat post-Q1 results. The shares of Britannia Industries gained 3% as brokerages raised their target price post-earnings.

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