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MARKET WRAP: Sensex slips 171 pts amid weak global cues; RIL up over 2.5%

All that happened in the markets today.

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Markets | AstraZeneca | Wall Street

SI Reporter  | New Delhi 

EVENT HIGHLIGHTS

Top-performing hedge fund turns cautious, says stocks have risen too fast
NSE's Nifty50 index ended at 11,278 levels, down 39 points, or 0.35 per cent.
Tracking weak global cues, the benchmark indices ended in the negative territory on Wednesday; although they recovered from the intraday low amid buying in Reliance Industries (RIL), Bharti Airtel, and Tata Steel. that Pharma has "voluntarily paused" a randomized clinical trial of its vaccine after a volunteer developed an unexplained illness, weighed on the investor sentiment. 

The S&P BSE Sensex slid 171 points, or 0.45 per cent to settle at 39,194 while the NSE's Nifty50 index ended at 11,278 levels, down 39 points, or 0.35 per cent. India VIX dropped nearly 3 per cent to 22.05 levels. 

SBI (down over 4 per cent) ended as the biggest loser on the Sensex while Tata Steel (up 3 per cent) was the top gainer. Of 30 constituents, 12 advanced and the rest 18 declined. 

RIL gained over 2.5 per cent to Rs 2,161 on the BSE after the company announced that Silver Lake will invest Rs 7,500 crore into Reliance Retail Ventures Limited (RRVL), a subsidiary of RIL. 

On the other hand, Pharma tumbled 13 per cent during the day. The stock settled at Rs 4,074, down over 3 per cent. READ MORE

The trend among the Nifty sectoral indices was largely negative, led by Nifty Bank index, down 2 per cent. On the other hand, Nifty Pharma index was the top gainer - up nearly 2 per cent at 11,304 levels.

In the broader market, the S&P BSE MidCap ended 0.28 per cent lower at 14,443 levels while the S&P BSE SmallCap index ended 0.94 per cent lower at 14,302 mark. 

Global markets

Asian shares fell on Wednesday after a rout in technology shares sank for a third consecutive day and a major drugmaker delayed testing of a vaccine. MSCI's broadest index of Asia-Pacific shares outside Japan slid 1 per cent, with indexes in Australia, China and Japan all skidding.

European shares, however, shrugged off heavy losses for US tech stocks as investors kept faith in an economic recovery from the pandemic.

In commodities, oil futures clawed back some of the losses they sustained in the previous session, but a rebound in Covid-19 cases in some countries undermined hopes for a steady recovery in global demand.

(With inputs from Reuters)

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