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Monday, March 08, 2021

Sensex skids 97 points, Nifty ends below 9,900-mark; financial, metal stocks slip

The S&P BSE Sensex slipped 97.30 points (0.29 per cent) to settle at 33,507.92, while the Nifty 50 ended at 9,881.15, down 32.85 points (0.33 per cent).

By: Express Web Desk | New Delhi |
Updated: June 17, 2020 4:27:31 pm
bse, bse sensex, investors wealth, covid 19, coronavirus, covid 19, business news, indian express BSE in Dalal Street, Mumbai. (Express photo by Nirmal Harindran)

The frontline indices on the National Stock Exchange (NSE) and the BSE ended marginally lower on Wednesday amid mixed cues in the global markets.

The S&P BSE Sensex slipped 97.30 points (0.29 per cent) to settle at 33,507.92, while the Nifty 50 ended at 9,881.15, down 32.85 points (0.33 per cent). The indices had opened over 0.5 per cent lower earlier in the day and moved in a range swinging between positive and negative territories throughout the day.

On the Sensex, the gains on Wednesday were led by Maruti Suzuki India, Bharti Airtel, Axis Bank, IndusInd Bank, Bajaj Finance and Ultratech Cement. On the other hand, Kotak Mahindra Bank, Power Grid, ITC, Mahindra & Mahindra (M&M), Housing Development Finance Corporation (HDFC) and Asian Paints were the biggest losers. (see heatmap below)

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

Among sectoral indices, the Nifty Financial Services index ended 0.82 per cent lower weighed by ICICI Lombard General Insurance Company, Kotak Mahindra Bank, Bajaj Finserv and HDFC. The Nifty Metal index too slipped 0.79 per cent dragged by Jindal Steel & Power, Steel Authority of India and Hindalco Industries.

Here’s how the sectoral indices performed:

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

The broader market indices however ended on a positive note on Wednesday. The S&P BSE MidCap index settled at 12,541.38, up 40.09 points (0.32 per cent) while the S&P BSE SmallCap ended at 11,933.53, up 83.91 points (0.71 per cent).

“After another day of indecisive trades, brought by the threat of escalation in border dispute with China, Indian benchmark indices ended slightly negative. The losses were mainly due to financial stocks. The major sectoral gainer was the Auto sector, led by gains in Maruti. FIIs have also been net sellers in equity this week which have impacted the markets. Volatility to remain,” Vinod Nair, Head of Research at Geojit Financial Services said in a post-market statement.


The rupee pared early losses and provisionally settled 4 paise higher at 76.16 against the US dollar on Wednesday tracking gains in the domestic equity market and weakening US dollar.

According to forex traders, border tension with China, foreign fund outflows and concerns over rising COVID-19 cases are weighing on investor sentiment.

The rupee opened weak at 76.21 at the interbank forex market, but recouped the losses and closed at 76.16 against US dollar, higher by 4 paise over its last close.

It had settled at 76.20 against the US dollar on Tuesday.

During the four-hour trading session, the domestic unit witnessed an intra-day high of 76.10 and a low of 76.25.

Global markets

Europe’s shares added to their best gains in almost a month as safety plays lost their lustre on Wednesday, with hopes of a rapid economic recovery standing firm against a resurgence of global coronavirus cases.

Data showed US retail sales bounced back sharply in May, but new infections have hit record highs in six US states and China cut flights and closed schools to contain a fresh outbreak in Beijing.

Politics also lurked as a worry with India reporting 20 of its soldiers had been killed in clashes with Chinese troops at a disputed border site, while North Korea rejected a South Korean offer to send special envoys and said it would redeploy troops at the border.

That was enough to inject a tinge of caution into trading.

Japan’s Nikkei eased 0.5 per cent, after jumping almost 5 per cent on Tuesday for its biggest daily gain in three months.

Europe’s STOXX 600 saw its early 1 per cent gains pruned nearly half but all the main indexes were firmly in positive territory, and US S&P 500 futures pushed up having spent most of the Asian session wavering either side of flat.

– rupee input from PTI and global market input from Reuters

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