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Indices snap 10-day winning streak; Sensex tanks 264 pts; ITC, RIL drop 3%

In the broader market, the S&P BSE MidCap index ended the day in the green, up 0.4 per cent at 18,749 level.

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SI Reporter  | New Delhi 

EVENT HIGHLIGHTS

Indices snap 10-day winning streak; Sensex tanks 264 pts; ITC, RIL drop 3%
Bears gained ground in last hour of trade and brought the indices' 10-day gaining streak to a screeching halt on Wednesday as heavyweight stocks such as Reliance Industries, Infosys, ITC, TCS, and HUL witnessed sharp profit booking. That apart, weak global cues heavily weighed on the investor sentiment. 

In the US, prospects of Democrats winning both seats in a US Senate run-off election in Georgia, paving way for President-elect Joe Biden to push through greater corporate regulation and higher taxes in the States, worried investors. Nasdaq 100 Futures tumbled over 200 points or nearly 2 per cent at 3 pm indicating a sombre start on Wall Street later today.

Meanwhile, rising coronavirus concerns in Asia further hit sentiment. Chinese authorities on Wednesday imposed travel restrictions and banned gatherings in the capital city of Hebei province, which surrounds Beijing, to stave off another coronavirus wave. On the other hand, local media reports have suggested that the Japan government is set to declare a month-long emergency, till February 7, in Tokyo and surrounding areas amid record cases of Covid-19.

Back home, the benchmark S&P tanked 264 points, or 0.54 per cent, to settle the day at 48,174 levels. In the intra-day session, the index had slumped 750 points from fresh record high of 48,616 levels to hit a low of 47,864. ITC and Reliance Industries skid 3 per cent each on the BSE, ending the day as top drags. Other large-caps, down up to 2 per cent, were Bajaj Finance, Axis Bank, HCL Tech, and TCS.

On the upside, Powergrid surged 4 per cent and closed as top gainer on the  

The NSE's Nifty50, meanwhile, slipped below the 14,150-mark and ended the session at 14,146, down 53 points or 0.38 per cent. From the new peak of 14,244, the index dropped 200 points to hit a low of 14,040.

Nifty IT and Nifty FMCG indices were the top sectoral losers on the NSE, down over 1 per cent each. On the contrary, Nifty Metal index managed to close 1 per cent higher.

In the broader market, the S&P MidCap index ended the day in the green, up 0.4 per cent at 18,749 level. However, the S&P SmallCap index closed at 18,614 level, down 0.14 per cent.

Global markets

European stocks edged higher on Wednesday, led by economically sensitive sectors such as banks and energy. The pan-European STOXX 600 index was up 0.2 per cent, while UK's FTSE 100 rose 0.7 per cent, and Germany's DAX gained 0.2 per cent.

In Asia, Japan's Nikkei ended 0.4 per cent lower, South Korea's Kospi lost 0.75 per cent, and Australia's S&P/200 index declined 1.1 per cent.

(With inputs from Reuters)

 

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