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Sensex Slides 350 Points as Media, Pharma Drag; HCL Tech Gains on $2.1B Verizon Deal

Namaste friends! It was a weak closing for the markets today as bears took control once again. The Sensex declined 0.56% or 365 points ending at 65,322. The Nifty fell 0.59% or 115 points settling at 19,428.

Barring PSU banks and consumer durables, all sectoral indices closed in the red. Media shares plunged over 2% while pharma stocks fell nearly 2%, emerging as the top drags.

Among the top gainers in Nifty 50, HCL Technologies rose 3.28% after signing a mega deal with Verizon Business. Power Grid, Titan, Reliance Industries, and UltraTech Cement also closed higher.

On the losing side, IndusInd Bank dropped 2.3%, NTPC fell 2%, Divi's Labs declined 1.77%, SBI Life slipped 1.71%, and UPL was down 1.63%.

In quarterly results, Hero MotoCorp reported a 32% year-on-year rise in Q1 net profit to Rs 824.72 crore. Revenue also grew 4.5% to Rs 8,767 crore aided by price hikes and higher spare parts sales.

In other key updates, direct tax collection till 10th August rose 15.73% year-on-year to Rs 6.53 lakh crore signalling positive momentum. However, India's industrial production growth moderated to 3.7% in June from 5.3% in May.

The TVS Supply Chain Solutions IPO saw decent demand with 1.03 times subscription so far driven by retail investors. Air India also unveiled its new brand identity and logo.

Stocks in focus included LIC as its consolidated Q1 profit jumped 9x year-on-year. Reliance Industries also completed distribution of Jio Financial Services shares. Indus Towers highlighted deployment of 2 lakh telecom towers across India.

That covers the key highlights for today!

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