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MARKET WRAP: Sell-off continues, Sensex slips 300 pts; Nifty ends at 11,154

All that happened in the markets today

Markets | GMM Pfaudler | Angel Broking

SI Reporter  | New Delhi 


Extending Monday's decline, the benchmark indices ended around 0.8 per cent lower on Tuesday as surging Covid cases raised fears of the prolonged economic slump. The S&P BSE Sensex slipped 300 points or 0.79 per cent to settle at 37,734 levels. The broader Nifty50 index fell below the 11,200-mark to 11,154, down 97 points, or 0.86 per cent. India VIX slipped nearly 5 per cent to 21 levels. 

Maruti and Larsen & Toubro  (both down around 3 per cent) were the top Sensex laggards. On the other hand, IT stocks HCL Tech, Tech Mahindra, and TCS gained over 2 per cent each.

The trend among Nifty sectoral indices was largely negative. Nifty Auto fell 1.75 per cent to 7,695 levels while Nifty Realty declined 1.85 per cent to 210 levels. Nifty Media dipped 2.6 per cent to 1,517.50 levels. On the other hand, Nifty IT gained 0.7 per cent while Nifty Pharma rose 0.66 per cent. 

In the broader market, the S&P BSE MidCap index slipped 1.7 per cent to 14,284 points, while the S&P BSE SmallCap index lost 1.6 per cent to 14,509 levels. 

Buzzing stocks

Shares of were locked in 10 per cent lower circuit at Rs 4,717 on the BSE after the company announced an offer for sale (OFS) by the promoters at a floor price of Rs 3,500 per share. The floor price is a 33 per cent discount to its Monday’s closing price of Rs 5,241 on the BSE. READ MORE
Tata Consultancy Services (TCS) gained 2 per cent to Rs 2,523 on the BSE  after the company said it has expanded its partnership with Morrisons, a leading supermarket chain in the UK, through a five-year contract for application management services, data services, and cybersecurity services. READ MORE

Global markets

Asian shares were broadly weaker Tuesday as possible delays in expanded US stimulus and concerns about fresh pandemic lockdowns in Europe dented the recent positive sentiment towards global equity At the close of trade, the Hang Seng index was down 233.84 points or 0.98 per cent at 23,716.85. The Hang Seng China Enterprises index fell 0.66 per cent to 9,576.81. Around the region, MSCI’s Asia ex-Japan stock index was weaker by 1.26 per cent, while Japan’s Nikkei index closed up 0.18 per cent.

In Europe, stock clawed back some ground, a day after rising second waves of the coronavirus epidemic caused the region’s biggest wipeout since June and drover investors back to government bonds.

In commodities, oil futures were little changed after sharp overnight losses, as the latest tropical storm in the Gulf of Mexico lost strength. 

(With inputs from Reuters)


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