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Tuesday, November 30, 2021

Sensex crashes nearly 400 points, Nifty ends a tad below 18,000 weighed by RIL and SBI

The S&P BSE Sensex crashed 396.34 points (0.65 per cent) to end at 60,322.37 while the Nifty 50 dropped 110.25 points (0.61 per cent) to settle at 17,999.20.

By: Express Web Desk | New Delhi |
Updated: November 16, 2021 4:05:45 pm
stock market, sensex live, sensex share pricePeople stand outside the Bombay Stock Exchange (BSE), after Sensex surpassed the 60,000 level for the first time, in Mumbai, India, September 24, 2021. (REUTERS/File Photo)

The benchmark equity indices on the BSE and National Stock Exchange (NSE) ended over 0.6 per cent lower on Tuesday weighed by market heavyweight Reliance Industries (RIL) and banking stocks.

The S&P BSE Sensex crashed 396.34 points (0.65 per cent) to end at 60,322.37 while the Nifty 50 dropped 110.25 points (0.61 per cent) to settle at 17,999.20. Both the indices had opened marginally lower earlier in the day and traded in the red through most of the trading session.

On the Sensex pack, RIL was the top loser of the day cracking over 2.5 per cent. It was followed by State Bank of India (SBI), Ultratech Cement, IndusInd Bank, NTPC and Sun Pharmaceutical Industries.

On the other hand, Maruti Suzuki India, Mahindra & Mahindra (M&M), Tech Mahindra, Larsen & Toubro (L&T), Bajaj Finance and Infosys were the top gainers on Tuesday.

Among sectoral indices on NSE, the Nifty PSU Bank was the worst performer of the day falling 2.14 per cent dragged by Union Bank of India and The Jammu & Kashmir Bank. On the other hand, the Nifty Auto was the best performer, rising 2.48 per cent driven by Maruti and M&M.

The broader market indices outperformed their benchmark peers. The S&P BSE MidCap index ended at 26,416.82, down 59.00 points (0.22 per cent) while the S&P BSE SmallCap settled at 29,228.34, up 52.63 points (0.18 per cent).

“The domestic market started trading between gains and losses before slipping into deep red with heavy selling in banking and pharma stocks. RBI’s statement that equity market valuations is stretched added to the pressure, however Mid & Smallcaps outperformed. Global markets remained mixed as the Biden-Xi meeting ended with both the parties appealing for more cooperation. European and US markets are trading almost flat ahead of the release of Eurozone Q3 GDP and US retail sales data,” said Vinod Nair, Head of Research at Geojit Financial Services.

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