Sensex logs 3rd weekly loss as Covid 2.0 beats vaccination optimism


NEW DELHI: Domestic fairness benchmarks continued to say no after a day’s hiatus on Friday amid promoting stress in FMCG, realty and IT shares, amid an unprecedented leap in Covid-19 instances within the nation.

The announcement of upper taxes within the US additionally dampened the temper on Dalal Street. Many analysts, nevertheless, consider the selloff out there could finish quickly as growing vaccinations will ultimately beat the unfold of the lethal virus.

The 30-share pack Sensex dropped 202.22 factors or 0.42 per cent to shut at 47,878.45. The index gyrated in a 595.84-point vary in the course of the session, reflecting volatility out there. Its broader peer NSE Nifty declined 64.80 factors or 0.45 per cent to settle at 14,341.35.

For the week, the Sensex shed 953.58 factors or 1.95 per cent and the Nifty misplaced 276.5 factors or 1.89 per cent. That marked the third weekly loss in a row for each benchmarks.

“In the short term, there is little to protect the market from falling further. The medium and long-term story remains very compelling,” mentioned Mark Matthews, Head Research Asia, Julius Baer.

Market at a look

  • Tata Elxsi climbs 6% after firm reviews 40% rise in This autumn revenue
  • Rakesh Jhunjhunwala-backed Nazara Tech leaps 5% after stellar This autumn present
  • Fear and nervousness gauge India VIX slips 1.5%
  • FMCG, realty shares below promoting stress as pandemic continues to unfold violently
  • Stocks of smallcap oxygen producers proceed rally as demand outstrips provides

Among the blue chip shares, NTPC was the highest gainer, rising 3.94 per cent. Power Grid, HDFC Life Insurance, IndusInd Bank, BPCL, Coal India, Axis Bank, Divi’s Laboratories and SBI Life Insurance have been different gainers.

Britannia was the highest loser within the Nifty pack, falling 2.67 per cent. M&M, Dr Reddy’s Laboratories, Wipro, ICICI Bank, Hindalco, Tech Mahindra and HUL have been different scrips that ended within the crimson.

Broader market indices ended with features in keeping with their headline friends. Nifty Smallcap rose 0.85 per cent and Nifty Midcap added 0.46 per cent. Nifty 500, the broadest index on NSE, climbed 0.64 per cent.

Tata Elxsi, Indian Hotels, Shriram Transport Finance, Alok Industries, Indian Bank and Alkyl Amines have been high gainers from mid- and small-cap indices, climbing within the vary of 3-10 per cent.

BEML, Century Ply, BASF, Escorts, Dalmia Bharat and Page Industries have been main losers from the broader market house, falling within the vary of 2-5 per cent.

Barring Nifty Media and Nifty PSU Bank, which rose 0.47 per cent and 0.30 per cent, respectively, all sectoral indices on NSE closed with cuts. Nifty Realty was the highest loser, down 1.1 per cent. Nifty FMCG and Nifty IT have been different main losers.

“We maintain our cautious stance for the markets in the near term as increasing restrictions would adversely impact economic activity and earnings.”

— Ajit Mishra, Religare Broking

Overall market breadth was in favour of gainers as 1,591 shares ended within the inexperienced whereas 1,336 counters settled with cuts. As many as 166 securities hit 52-week highs, principally from the small-cap house. Meanwhile, 44 shares hit 52-week lows, principally from the micro-cap house. About 310 shares hit higher circuit limits and 204 decrease circuit limits.

European markets have been buying and selling decrease on the final depend. London-based FTSE was down 0.50 per cent whereas Paris and Frankfurt declined 0.24 per cent and 0.34 per cent, respectively. In Asia, barring Japan and Thailand, all markets closed with features.


Source link

#Sensex #logs #3rd #weekly #loss #Covid #beats #vaccination #optimism

Related Articles

Stay Connected

- Advertisement -

Latest Articles

%d bloggers like this: