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Tuesday, August 03, 2021

Sensex dips 536 points, Nifty ends near 13,800 on global weakness and F&O expiry

HDFC Bank, Infosys, Hindustan Unilever (HUL), Housing Development Finance Corporation (HDFC) and Tata Consultancy Services (TCS) were the top contributors to Sensex's fall on Thursday.

By: Express Web Desk | New Delhi |
Updated: January 28, 2021 5:24:59 pm
A street stands empty near the Bombay Stock Exchange (BSE) in Mumbai, India, on Friday, March 27, 2020. (Photographer: Dhiraj Singh/Bloomberg)

The frontline equity indices on the BSE and National Stock Exchange (NSE) ended over 1 per cent lower on Thursday – the fifth consecutive session – amid weakness in the global markets and expiry of January-series futures and options (F&O) contracts.

The S&P BSE Sensex fell 535.57 points (1.13 per cent) to settle at 46,874.36, while the Nifty 50 declined 149.95 points (1.07 per cent) to end the day at 13,817.55. Both the indices had opened on a weak note earlier today and traded over 1 per cent lower through bulk of the day. The BSE benchmark hit an intraday low of 46,518.48, while the Nifty touched a low of 13,713.25.

HDFC Bank, Infosys, Hindustan Unilever (HUL), Housing Development Finance Corporation (HDFC) and Tata Consultancy Services (TCS) were the top contributors to Sensex’s fall on Thursday. See heatmap below

Gainers and losers of the day on the Sensex. (Source: BSE)

According to traders, recent foreign fund outflows from the domestic capital markets also had an impact on investor sentiment.

Among sectoral indices on the NSE, in percentage terms, the Nifty Realty index was the worst performer on Thursday, slipping 2.20 per cent weighed by Godrej Properties, Sunteck Realty and Brigade Enterprises. It was followed by the Nifty IT index which fell 2.18 per cent dragged by Info Edge (India), Wipro and HCL Technologies.

Here’s how the sectoral indices performed:

Sectoral gainers and losers of the day on the National Stock Exchange. (Source: NSE)

In the broader market, the S&P BSE MidCap index settled at 18,208.37, down 83.79 points (0.46 per cent), while the S&P BSE SmallCap ended at 18,033.90, down 81.41 points (0.45 per cent).

“Market turned cautious after the unidirectional upside of the last 10 months due to ambiguity ahead the budget and profit booking in the global market due to over-enthusiasm. Global risk parameters increased despite the US Fed maintaining its supportive policy, due to high speculation in the equity market and likely drop in fiscal & monetary liquidity, in the future,” said Vinod Nair, Head of Research at Geojit Financial Services.

Global market

Shares wiped out their gains in Europe for the year early on Thursday, soured by a sell-off on Wall Street, no end in sight to pandemic lockdowns and a squeeze in short positions.

The pan-European STOXX benchmark was down 1.8 per cent at 395.77 points, its lowest since December. London, Paris and Frankfurt all fell.

Asian shares slid on Thursday while the safe-haven dollar rallied as Wall Street’s sell-off and delays in coronavirus vaccines provided an excuse to book profits on recent gains.

MSCI’s broadest index of Asia-Pacific shares outside Japan fell 2 per cent, with valuations looking stretched after the index rose more than 6 per cent just this month.

Japan’s Nikkei fell 1.5 per cent, its sharpest drop since October, and Chinese blue chips lost 2.7 per cent as liquidity tightened before the Lunar New Year holidays.

South Korea fell 1.7 per cent, led by losses in Samsung after it reported earnings.

–global market input from Reuters

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