Sensex bleeds 587 points dragged by banks; investors lose Rs 1.16 lakh cr

NEW DELHI: Indian benchmark indices plunged on Monday joining the global sell-off on unchecked virus surge in parts of Asia and faltering economic growth. Metal and banks were among the biggest losers on indices.

Listings of Clean Science and GR Infra made IPO investors happy with stellar listing gains earlier in the day. Small and midcap stocks from the financial pack were buzzing during the day as Q1 numbers boosted morale.

The 30-share pack Sensex declined 586.66 points or 1.1 per cent to close at 52,553.40. Its broader peer NSE Nifty dipped 171 points or 1.07 per cent to 15,752.40.

During the sell-off, equity investors lost Rs 1.16 lakh crore as the total market capitalization of BSE-listed companies rose to Rs 234.46 lakh crore.

“Shadowing global sell-off, Indian indices slipped, succumbing to world inflation woes, FOMC meeting next week and rising covid cases. Banks led the domestic downtrend as initial quarterly results pointed to cautious asset quality due to the impact of the second wave,” said Vinod Nair, Head of Research at Geojit Financial Services.

Market at a glance:

  • India VIX, a barometer of volatility, surges 8 per cent as traders grow nervous
  • Dishman Carbogen Amcis climbs 7 per cent after Mukul Agarwal ups stake
  • IPO watch: Tatva Chintan Pharma Chem subscribed 12.06x so far
  • Listing pops: Clean Science gains 76 per cent on the first day, GR Infra up 109 per cent
  • Realty, pharma stocks buck the trend, respective sectoral indices end in green

Among the blue-chip names, NTPC was the top gainer, rising 2.02 per cent. BPCL, Divi’s Labs, Nestle India, Tata Consumer, Dr Reddy’s Labs, Britannia, ITC and Sun Pharma were other gainers.

HDFC Bank was the top loser in the Nifty pack, falling 3.28 per cent. IndusInd Bank, HDFC Life Insurance, Axis Bank, HDFC, Hindalco, Adani Ports, ONGC and Bajaj Finance were others that ended in the red.

Broader market indices ended mixed outperforming their headline peers. Nifty Smallcap gained 0.03 per cent and Nifty Midcap fell 0.81 per cent. Nifty 500, the broadest index on NSE, ended down 0.89 per cent.

PI Industries, Bharat Electronics, JSW Energy, Rossari Biotech, Welspun India and CDSL were top gainers from mid and smallcap indices, climbing in the range of 1-9 per cent.

Adani Total Gas, L&T Financial Holdings, Vodafone Idea, Cyient, Just Dial and IDFC were major losers from broader market space, falling in the range of 3-5 per cent.

The sectoral matrix on the NSE was mixed. Nifty Private Bank was the top loser, down 2.03 per cent. Nifty Financial Service and Nifty Metal were other losers. Nifty Realty was the top gainer, up 0.43 per cent. Nifty Pharma advanced 0.24 per cent.

Market breadth was in favour of gainers as 1,757 stocks ended in the green, while 1,571 names settled with cuts. As many as 520 securities hit 52-week highs, mostly from the smallcap space. Meanwhile, 29 names hit 52-week lows, mostly from the microcap space. About 620 stocks hit upper circuit limits and 225 lower circuit limits.

European markets were trading lower. London-based FTSE was down 2.09 per cent while Paris and Frankfurt declined 2.10 per cent and 2.02 per cent, respectively. In Asia, all markets ended in the red.

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