The Nifty erased all the gains of the session in the late trade to close lower on July 30, forming a shooting star pattern on the daily chart. Select banking & financials and metals stocks weighed on sentiment, while auto and pharma stocks rallied. After more than Rs 50,000 crore raised through initial public offerings in the January-July period, optimism in the primary market is expected to continue in August, when share sales are likely to exceed the amount collected in July.
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