Market

Sensex drops 355 pts to take losing streak to 3rd day; Asian Paints jumps 6%

NEW DELHI: Benchmark indices fell for the third straight day on Tuesday, joining the global sell-off due to rising virus concerns. Barring select FMCG counters, all sectors fell led by banks and metals.

Rising Covid Delta variant cases in the US and UK, inflation concerns, and concerns about growth below the consensus expectations may be the reasons for the sell-off, said an analyst.

The 30-share pack Sensex declined 354.89 points or 0.68 per cent to close at 52,198.51. Its broader peer NSE Nifty dipped 120.30 points or 0.76 per cent to 15,632.10.

“Sharp fall in crude price & US bond yields reflected the rising concern over fall in future growth. Vulnerability from premium valuations, upcoming FOMC meeting and selling by foreign investors exposed the Indian market,” said Vinod Nair, Head of Research at Geojit Financial Services.

Market at a glance:

  • India VIX, a barometer of volatility, surges further 4% to rise above 13-level
  • Nifty FMCG was the sole sectoral gainer; HUL was the top gainer from the sector
  • ACC gained 7% after net profit doubled in Q1
  • Adani Group stocks tank after news of Sebi, DRI probe
  • Asian Paints climbs 6% after its June quarter show

Among the blue-chip names, Asian Paints was the top gainer, rising 5.47 per cent. UltraTech Cement, HUL, Maruti Suzuki, Grasim, Bajaj Auto, Nestle India and TCS were other gainers.

Hindalco was the top loser in the Nifty pack, falling 3.72 per cent. IndusInd Bank, Tata Steel, NTPC, Bharti Airtel, UPL, HCL Tech, HDFC Life Insurance and Tata Motors were others that ended in the red.

“Earnings will continue to provide opportunities to the traders however we suggest keeping a check on position sizing and focus on overnight risk management.”

— Ajit Mishra, Religare Broking

Broader market indices ended lower underperforming their headline peers. Nifty Smallcap fell 1.41 per cent and Nifty Midcap dropped 1.44 per cent. Nifty 500, the broadest index on NSE, ended down 0.91 per cent.

Birla Corporation, JK Lakshmi Cement, Shilpa Medicare, Gujarat Gas, JSW Energy and Polycab India were top gainers from mid and smallcap indices, climbing in the range of 1-7 per cent.

Alok Industries, Welspun India, Vakrangee, Dhani Services, Aditya Birla Fashion Retail and Indian Hotels were major losers from broader market space, falling in the range of 4-8 per cent.

Barring Nifty FMCG that ended up 0.14 per cent, all sectoral indices closed with cuts. Nifty Media plunged 2.58 per cent, followed by a 2.53 drop in Nifty Realty. Nifty Metal fell 2.34 per cent.

Market breadth was in favour of losers as 1,137 stocks ended in the green, while 2,098 names settled with cuts. As many as 434 securities hit 52-week highs, mostly from the smallcap space. Meanwhile, 10 names hit 52-week lows, mostly from the microcap space. About 450 stocks hit upper circuit limits and 245 lower circuit limits.

European markets were trading higher. London-based FTSE was up 0.47 per cent while Paris and Frankfurt declined 0.65 per cent and 0.27 per cent, respectively. In Asia, all markets ended in the red.

Most Related Links :
Business News Governmental News Finance News

Need Your Help Today. Your $1 can change life.

[charitable_donation_form campaign_id=57167]

Source link

Back to top button