Updated: April 30, 2021 4:06:59 pm
Stock market update: The benchmark equity indices on the BSE and National Stock Exchange (NSE) snapped their four-session gaining streak and ended nearly 2 per cent lower on Friday weighed by banking, financial, automobile and fast-moving consumer goods (FMCG) stocks.
The S&P BSE Sensex crashed 983.58 points (1.98 per cent) to settle at 48,782.36, while the Nifty 50 slipped 263.80 points (1.77 per cent) to end at 14,631.10. Both the indices had opened in the red and slipped further as the trade progressed.
During the intraday trade, the BSE benchmark fell as much as 1,067.86 points (2.15 per cent) to hit a low of 48,698.08, while the NSE barometer tanked 293.20 points (1.97 per cent) to 14,601.70.
HDFC twins, comprising of HDFC Bank and Housing Development Finance Corporation (HDFC) were the biggest contributors to Sensex’s fall on Friday. They were followed by ICICI Bank, Reliance Industries (RIL), Tata Consultancy Services (TCS) and Kotak Mahindra Bank.
In the previous session, Sensex finished 32.10 points (0.06 per cent) higher at 49,765.94, and Nifty had advanced 30.35 points (0.20 per cent) to 14,894.90.
All the sectoral indices on NSE except the Nifty Pharma index ended in a sea of red. The key Bank Nifty cracked 2.77 per cent dragged by AU Small Finance Bank, HDFC Bank and ICICI Bank. Likewise, the Nifty Financial Services index fell 3.03 per cent weighed by Shriram Transport Finance Company and HDFC.
Nifty Auto slipped 1.36 per cent due to Tata Motors and Mahindra & Mahindra and Nifty FMCG index lost 1.13 per cent led by a fall in Hindustan Unilever (HUL). However, the Nifty Pharma index gained 1.28 per cent aided by the rise in share prices of Divi’s Laboratories and Cadila Healthcare.
“The market turned into a correction phase following weakness in the Asian market despite hopeful signs from Wall Street. Rising covid cases and uncertainties surrounding vaccination added more pressure on the market. Along with small-cap stocks, pharma, metal, and oil & gas were the sectoral gainers while profit booking was seen in banking stocks,” Vinod Nair, Head of Research at Geojit Financial Services, said in a post-market statement.
World stocks held near a record high and the euro was on course for its best month in nine as strong US data and corporate earnings plus the Federal Reserve’s commitment to support the economy fuelled investors’ appetite for risk.
MSCI’s broadest gauge of world stocks covering 50 markets dipped 0.1 per cent but remained close to a record peak touched the previous day, up 5 per cent on the month. In Europe, euro Stoxx futures were steady and Britain’s FTSE 100 traded up 0.2 per cent. US stock futures were down 0.3 per cent after the S&P 500 closed at an all-time high.
In Asia, MSCI’s ex-Japan index lost 0.9 per cent, following a softer-than-expected survey of China’s manufacturing. Chinese tech giant shares listed in Hong Kong also buckled as Beijing summoned 13 internet platforms to order them to strengthen compliance with regulations, weighing on the Hang Seng index. Mainland Chinese shares lost 0.8 per cent while Japan’s Nikkei also shed 0.8 per cent on position adjustments ahead of a long weekend. Both markets will be closed through Wednesday.
–global market input from Reuters
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