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Sensex ends at day's low, sinks 470 pts; Nifty below 14,300; metals crack

Stock market updates: The S&P BSE Sensex hit an intra-day low of 48,404 today

MARKET WRAP | Markets | HDFC Bank

SI Reporter  | New Delhi 


Stock updates: With largely all the positives priced-in the markets, equity indices continued to consolidate at current levels on Monday with bouts of volatility keeping investors on the edge. Volatility index, India VIX, jumped over 4 per cent in the intra-day trade today before cooling-off to settle 1.2 per cent higher at 24 levels.

That apart, expectations that the Reserve Bank of India may set out proposals in a discussion paper this week, recommending that bigger shadow banks hold a share of deposits in cash, gold or government securities, weighed on financial counters. Shares of HDFC fell 2.4 per cent, while Bajaj Finance and Bajaj Finserv dropped over 3 per cent, dragging down the index.

Amid up to 2 per cent gains in Reliance Industries and HDFC Bank, the benchmark S&P and Nifty50 managed to contain losses but still closed around 1 per cent per cent lower. The index ended at 48,564 levels, down 470 points or 0.96 per cent, on the with RIL, Titan, HDFC Bank, and ITC ending the day as the only gainers. On the downside, ONGC (down 5 per cent), Sun Pharmaceuticals, Bajaj Finance, and PowerGrid remained as top drags. The index hit an intra-day low of 48,404 today.

Nifty50, meanwhile, gave up 14,300 and ended at 14,281 levels, erasing 152 points or 1 per cent. 44 of the 50 constituents ended the day in the red.

In the broader market, the S&P MidCap index underperformed the frontline indices and ended 2 per cent lower. The S&P BSE SmallCap index closed with a 1.89 per cent cut.

Market breadth remained in the favour of bears as 2,089 stocks declined on the BSE today, as against 938 stocks that rose.

On the sectoral front, all the indices ended the day in the red with Nifty Metal index sliding over 4 per cent. Nifty Realty, Pharma, and Auto index each slipped 2 per cent on the .

Global cues

Global stock sank on Monday as soaring Covid-19 cases offset investor hopes of a quick economic recovery, while the Chinese economy posted a better-than-expected rebound in the fourth quarter of 2020.

European stocks as measured by the STOXX 600 index opened 0.3 per cent weaker, after failed merger talks between French retailer Carrefour and Alimentation Couche-Tard. Germany's DAX fell 0.2 per cent, France's CAC 40 index fell 0.3 per cent, and Italy's FTSE MIB index slipped 0.3 per cent. Britain's FTSE 100 index fell 0.1 per cent.

In Asia, Chinese blue chips gained 0.8 per cent after the economy was reported to have grown 6.5 per cent in the fourth quarter, on a year earlier, topping forecasts of 6.1 per cent.

Elsewhere in Asian markets, Japan's Nikkei slipped 0.8 per cent. MSCI’S All Country World Index, which tracks stocks across 49 countries, fell 0.1 per cent, down for a second session after hitting record highs only last week.

(With inputs from Reuters)


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