You are here: Home » Markets » News

Consolidation continues on D St; Sensex falls 465 pts; Nifty PSU Bank up 3%

Nearly 35 of the 50 constituents on the index ended the day in the red including Tata Consumer Products (down 4.3 per cent), Cipla, Reliance Industries, Dr Reddy's Labs, and Hindalco Industries

Topics
MARKET WRAP | Markets

SI Reporter  | New Delhi 

EVENT HIGHLIGHTS

MARKETS: Indices at day's low; Sensex falls 450 pts, Nifty gives up 14,500
Stock market updates: An across-the-board sell-off enveloped in the last hour of trade as an unwavering rise in Covid-19 cases and slower-than-expected pace of vaccination worried investors on Dalal Street. Besides, confidence in the took a hit after media reports suggested that banks have approached the Reserve Bank of India (RBI) to grant a 3-month moratorium period courtesy slowdown in economic activity.

After starting gap-up and staying range-bound for better part of the day, the 30-share Sensex index succumbed to bear hammering and dropped approximately 850 points from day's high to touch a low of 48,149. The index then mildly recovered to settle the day at 48,253.5 levels, down 465 points or 0.95 per cent.

On the NSE, the Nifty50 gave up the psychological level of 14,500 and closed at 14,496.5-mark, down 138 points or 0.94 per cent. Earlier in the day, it hit a low of 14,461.

Nearly 35 of the 50 constituents on the index ended the day in the red including Tata Consumer Products (down 4.3 per cent), Cipla, Reliance Industries, Dr Reddy's Labs, Hindalco Industries, Divi's Labs, and Sun Pharmaceuticals.

On the upside, SBI Life, up over 2 per cent, ended as the top Nifty gainer for the second straight day, followed by Bajaj Finance, BPCL, Adani Ports, ONGC, and Coal India.

The broader markets, although in the red, outperformed the benchmarks. The S&P BSE MidCap and SmallCap indices each ended about half a per cent lower today. The losses stayed limited amid healthy buying in PSU Bank stocks such as Union Bank of India, Bank of India, Indian Bank, Central Bank along with NBCC, Bharat Forge, Shriram City Union Finance, Dish TV, Tata Steel BSL, and Excel Industries.

In effect, the Nifty PSU Bank index was the sole sectoral gainer on the NSE today, up 3.5 per cent. The Nifty Pharma index, on the contrary, was gripped in profit-booking and ended 2 per cent lower today. All other sectoral indices on the NSE nursed losses between 0.4 per cent and 0.8 per cent.

Global markets
Economically sensitive sectors, including miners, travel and energy, drove gains in European stocks on Tuesday, with British shares outperforming after a holiday-extended weekend.

The pan-European STOXX 600 index rose 0.4 per cent in early trading, with the German DAX up 0.2 per cent, and the UK's FTSE 100 rising 0.8 per cent.

Earlier in Asia, South Korea's Kospi added 0.6 per cent and Australia's S&P/ASX200 gained 0.5 per cent.

(With inputs from Reuters)

CATCH ALL THE LIVE UPDATES

Auto Refresh