The Sensex slipped by 335 points on 30 July even as the Nifty closed almost 100 points below its crucial resistance level of 11,200. On the last day of the futures and options contracts (F&O) expiry for the July series, the indices were in the red, mainly due to selling in the financial counters and unwinding of longs ahead of the new margin rules.

For the day, IndusInd Bank with losses of 5.6% ended as the biggest loser on Nifty while Sun Pharma with gains of 3.5% was the top gainer. The VIX was also up at 24.9%. HDFC was another heavyweight that was weak due to tepid results for the Jun-20 quarter. On a sectoral basis, all indices were in the red other than Nifty IT and Nifty Pharma.

Even the Fed promise of liquidity and low rates did not excite the global markets too much. Fed’s pledge to use all tools to support the US economy failed to reassure investors. They are more worried about limited fiscal support and rising Coronavirus cases. The pressure on demand was visible in oil prices falling sharply from higher levels on demand concerns.