Home · National News · World News · Viral News · Indian Economics · Science & Technology · Money Matters · Education and Jobs. ‎Money Matters · ‎Uttarakhand News · ‎Defence News · ‎Foodies Circle Of IndiaOnly three stocks – Cipla, Asian Paints and Power Grid – of the Nifty 50 managed to close in the green. Doonited News
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Only three stocks – Cipla, Asian Paints and Power Grid – of the Nifty 50 managed to close in the green. 

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Benchmark indices fell sharply on Wednesday as metal, auto and banking stocks witnessed heavy selling pressure. The impending expiry of futures and options monthly contracts on Thursday added further pressure on the markets.

The market opened on a negative note amid weak global cues and extended losses during the day. Concerns related to the rising number of Covid-19 cases continue to affect investors’ sentiments.

The BSE Sensex plunged 871.13 points or 1.74 per cent to close at 49,180.31, almost near the intraday low level of 49,120.34. It touched an intraday high of 49,854.58. Nifty 50 was down 265.35 or 1.79 per cent at 14,549.40. It recorded an intraday high of 14,752.35 and an intraday low of 14,535.

Only three stocks – Cipla, Asian Paints and Power Grid – of the Nifty 50 managed to close in the green.

As many as 2,114 declined on the BSE while just 840 advanced and 170 remain unchanged. In all, 144 securities hit their 52-week highs while 48 their 52-week low. While 223 securities hit the upper circuit, 302 hit the lower circuit on the BSE.

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Tata Steel, Tata Ports, Adani Ports, Hindalco and Mahindra and Mahindra were among the top laggards.

Binod Modi, Head Strategy at Reliance Securities said, “Domestic equities fell sharply on weak global cues and continued apprehensions among investors from a surge in Coronavirus cases in the country. Further, a sharp rebound in the dollar index aggravated concerns despite the dip in the US bond yields and crude prices. ”

“While the recent contraction in global bond yields and crude prices augur well for domestic markets, the recent rise in Covid-19 cases in various parts of the country have dented investors’ sentiments,” added Modi.

Sectoral indices in red

Among the sectoral indices, except Nifty Pharma, all the others closed in the red. The Nifty Pharma closed with a marginal gain of 0.08 per cent.

Metal stocks were the biggest losers, pushing down the Nifty Metal index by 3.24 per cent.

Banking stocks failed to retain the previous day’s gains. The Nifty Bank was down 2.61 per cent while Nifty Private Bank and Nifty PSU Bank were down 2.56 per cent and 3.30 per cent, respectively.

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Nifty Realty also suffered significant losses and was down 2.94 per cent.

Vinod Nair, Head of Research at Geojit Financial Services, said, “Indian market witnessed across-the-board selling amidst high volatility owing to weak global cues and spike in Covid cases. All sectors barring pharma witnessed selling as second and third wave infections in India and Europe, respectively, are bound to hamper economic recovery. Reports of a potential tax hike in the US also impacted the market sentiment.”

Broader indices, too suffer 

Broder indices witnessed profit-taking. All broader indices closed in the red, with Nifty Midcap 50 closing down 2.45 per cent lower. Nifty Smallcap 50 was also down 2.45 per cent.

The S&P BSE Midcap was down 1.69 per cent, while the S&P BSE Smallcap was down 1.60 per cent.

Notably, only the volatility index, the fear gauge, closed in the green, up 8.66 per cent at closing to 22.46.

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