Bears crawled on Dalal Street on Friday as wobbly global sentiment as Covid-19 scare in China triggered slowdown fears. With this, equity markets have settled lower for a fourth consecutive day.
The S&P BSE Sensex slumped 981 points or 1.6 per cent to end at 59,845, which is its lowest level since October 28. The index hit an intra-day low of 59,766 during the day dragged by Tata Steel, Tata Motors, SBI, Bajaj Finserv, Wipro, IndusInd Bank, Reliance, L&T, which shed 2-5 per cent.
The Nifty50, meanwhile, ended at 17,807, down 321 points or 1.8 per cent. The index sank to a low of 17,779 during the day.
The pain was even more severe in the broader market space where the BSE MidCap and SmallCap indices fell 3 and 4 per cent, respectively.
The broad-based selling was led by public sector banks with the Nifty PSU Bank index tumbling nearly 6 per cent. This was followed by the Nifty Metal index (down over 4 per cent), and the Nifty Realty index (down 3 per cent).
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Benchmark indices staged a smart-recovery during the second half of the trading session, led by healthy buying in metal and PSU bank stocks, to end the day around flat line on Friday. The markets, however, snapped their four-day winning run and ended lower amid weak global cues.
The BSE Sensex index opened gap-down and hit a low of 60,757 in early deals today. It staged a smart come-back and bounced 567 points intra-day to hit a high of 61,324.5. However, losses in private banks and select heavyweights such as HUL and Bharti Airtel held it from ending in the green zone. By close, the BSE 30-pack index stood at 61,223, down 12 points or 0.02 per cent.
Following a similar trajectory, the NSE Nifty hit a low of 18,120 in early deals but recouped losses to hit a high of 18,287. It, eventually, pared gains and ended 2 points down at 18,256 level.
TCS, Infosys, L&T, Tech M, and HDFC Bank were the top gainers on the Sensex today, while Tata Consumer Products, IOC, BPCL, and Adani Ports were the additional gainers on the Nifty. All these stocks gained between 1 and 4 per cent.
On the downside, Asian Paints, Axis Bank, UPL, HUL, ONGC, M&M, and Nestle India were the top laggards.
The broader market, however, outperformed the benchmarks and ended higher on Friday. The BSE MidCap index eked out 0.24 per cent gains while the BSe SmallCap advanced 0.5 per cent.
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The benchmark indices ended off day’s low but remained under pressure during the day.
The 30-share BSE Sensex was down 286.71 points at 34,010.76 and the 50-share NSE Nifty was down 94.30 points at 10,451.20.
The PSU Bank index fell more than 2.5% as all stocks caught in a bear trap after PNB detected transaction fraud worth USD 1.8 billion (Rs 11,300 crore). PNB and Bank of Baroda were biggest losers, falling nearly 5 percent each. Bank of India, IDBI Bank, Union Bank, Syndicate Bank, SBI, Indian Bank, Canara Bank, Andhra Bank, OBC and Allahabad Bank were down 1-3 percent.
Fortis Healthcare slipped 20% to Rs 115 in noon deal trade, falling 24% from its intra-day high on BSE on back of heavy volumes after the Supreme Court (SC) allowed financial institutions to sell pledged shares of the company.
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Equity benchmarks rebounded in last hour of trade, but ended flat supported by index heavyweights Reliance Industries, HDFC Bank and Infosys. The indices were up 1% for the week.
The S&P BSE Sensex settled at 32,272, up 30 points while the broader Nifty50 index ended at 10,085, down 1 point
Among broader markets, BSE Midcap index underperformed the benchmarks indices, down 0.3% while BSE Smallcap index was up 0.4%
Global stocks remained subdued after North Korea fired another missile over Japan into the Pacific Ocean on Friday, in a sign that Pyongyang remains defiant despite tightening international sanctions.
The Nifty Pharma Index was down 0.5%, breaking its three-day winning streak.
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