Updated: April 8, 2020 4:19:38 pm
A day after registering their biggest one-day gains since 2009, the frontline equity indices on the BSE and National Stock Exchange (NSE) ended around 0.5 per cent lower on Wednesday weighed by information technology, metal and banking stocks.
The S&P BSE Sensex skid 173.25 points (0.58 per cent) to end at 29,893.96. Likewise, the Nifty 50 index settled at 8,748.75, down 43.45 points (0.49 per cent).
Both the topline indices had opened over 1 per cent lower earlier in the day but soon reversed losses and turned positive. They continued on a positive note for the bulk of the trading session before erasing gains and slipping in the negative zone during the late afternoon trade.
On the Sensex, the gains during the day were led by Sun Pharmaceutical Industries, NTPC, IndusInd Bank, Bajaj Finance, Maruti Suzuki India and Hero MotoCorp. On the other hand, IT giant Tata Consultancy Services (TCS), Titan Company, ICICI Bank, State Bank of India (SBI), ITC and Infosys were the top losers on Wednesday. (see heatmap below)
On the sectoral front, the Nifty IT index fell 0.77 per cent weighed by TCS, Just Dial and Infosys. This apart, the Nifty Metal index slipped 0.74 per cent dragged by NMDC, Hindalco Industries and JSW Steel. The Nifty Bank index too dipped 0.61 per cent due to The Federal Bank, ICICI Bank and SBI.
Here’s how the sectoral indices performed:
Apart from these, on the broader market, S&P BSE 500 index settled at 11,364.04, up 17.60 points, (0.16 per cent), the S&P BSE MidCap index closed at 10,976.15, up 204.77 points (1.90 per cent) and S&P BSE SmallCap index ended at 9,979.72, up 182.51 points (1.86 per cent).
“Markets gave up gains, following a negative opening in the European Markets and uncertainty regarding the spread of Covid-19 infections. Markets are also uncertain as to the government response after the official 21-day lockdown expires on April 14. Some states are looking to extend the lockdown and some are for withdrawing it in a phased manner. The longer the lockdown stays, more the impact on the economy and companies,” Vinod Nair, Head of Research at Geojit Financial Services said in a post-market comment.
The rupee settled 70 paise lower at 76.34 (provisional) against the US dollar on Wednesday amid a rise in coronavirus cases in the country and weak domestic equities. Forex traders said rising brent prices and firm US dollar index also weighed on the local unit, according to a report by news agency PTI.
At the interbank foreign exchange, the rupee opened weak at 75.83, then lost further ground and finally settled for the day at 76.34, registering a fall of 70 paise over its previous close. On Tuesday, the rupee had settled at 75.64 against the US dollar, the report said.
World stocks turned negative on Wednesday as the coronavirus death toll mounted and euro zone finance ministers failed to agree a rescue package to help economies recover from the impact of the outbreak.
COVID-19 hospitalisations seemed to be levelling off in New York state, but deaths across the United States jumped by a record of more than 1,800.
Meanwhile, France has officially registered more than 10,000 deaths from coronavirus infections, making it the fourth country to cross that threshold after Italy, Spain and the United States.
Wuhan, the Chinese city where the coronavirus emerged, ended its more-than two-month lockdown on Wednesday, but new imported cases in the far northern province of Heilongjiang surged to a daily high of 25.
After two sessions of gains, European equities fell amid renewed concern about the spread of the virus and the continent’s response to it.
The pan-European STOXX 600 index dipped 1.3 per cent. London’s FTSE 100 fell 1.7 per cent, as the country’s coronavirus death toll crossed 6,100. Germany’s DAX shed 1.1 per cent after rallying more than 8 per cent in the past two days, as the number of confirmed cases rose for a second straight day.
Japanese shares were boosted by Prime Minister Shinzo Abe’s ending market uncertainty by declaring an emergency, helping the Nikkei share average close 2.13 per cent higher.
E-Mini futures for the S&P 500 were trading flat.
– With global market input from Reuters
📣 The Indian Express is now on Telegram. Click here to join our channel (@indianexpress) and stay updated with the latest headlines
- The Indian Express website has been rated GREEN for its credibility and trustworthiness by Newsguard, a global service that rates news sources for their journalistic standards.