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Sensex skids 531 pts; RIL, IndusInd Bank dip 5%, pharma stocks outperform

India VIX ticked up 4 per cent

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MARKET WRAP | Markets | Reliance Industries

SI Reporter  | New Delhi 

EVENT HIGHLIGHTS

Stock market updates: Indian equities failed to hold on to their gap-up start and skid 1 per cent on Monday as profit booking in Reliance Industries' stock and weakness in banking counters erased gains. That apart, reports of a fresh clash between Indian and Chinese troops, which left many injured, in Sikkim soured sentiment. READ MORE

The benchmark S&P Sensex settled the session at 48,347.6 levels, down 531 points or 1.09 per cent, dragged by (down 5.6 per cent), IndusInd Bank (down 5.5 per cent), HCL Tech (down 3.86 per cent), and HDFC (down 1 per cent).

The Nifty50, meanwhile, gave up the 14,250-mark and closed at 14,239 levels, down 133 points or 0.93 per cent.

In the broader market, the S&P MidCap index slipped 1.14 per cent to end at 18,547 levels, while the S&P SmallCap index ended at 18,211 levels, down 1.15 per cent.

The volatility index, India VIX, ended nearly 4 per cent higher today at 23.25 levels.

Sectorally, pharma stocks outperformed the market with the Nifty Pharma index ending nearly 2 per cent higher. On the downside, the Nifty Realty and the Nifty IT index ended with a cut of 1 per cent.

Domestic will remain shut on Tuesday on account of Republic Day holiday.

Global markets

Asian shares climbed to near all-time highs on Monday as concerns over rising Covid-19 cases and delays in vaccine supplies were eclipsed by optimism of a $1.9 trillion fiscal stimulus plan to help revive the US economy. 

MSCI's broadest index of Asia-Pacific shares outside Japan rose to 726.46, while Japan's Nikkei rebounded from falls in early trading to be up 0.7 per cent. Australian shares added 0.4 per cent after the country's drug regulator approved the Pfizer/BioNTech COVID-19 vaccine with a phased rollout likely late next month. Chinese shares rose, with the blue-chip CSI300 index up 1.1 per cent. Hong Kong’s Hang Seng index leapt nearly 2 per cent led by technology stocks.

In Europe, stocks rose as gains in technology shares and upbeat earnings reports helped investors look past the possibility of extended lockdowns. The pan-European STOXX 600 index rose 0.4 per cent.

(With inputs from Reuters)

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