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Friday, July 10, 2020

Indices snap 6-day winning streak; Sensex slips 129 points to end below 34,000-mark

The S&P BSE Sensex slipped 128.84 points (0.38 per cent) to settle below the 34,000-mark at 33,980.70. Likewise, the Nifty 50 too fell 32.45 points (0.32 per cent) to end at 10,029.10.

By: Express Web Desk | New Delhi | Updated: June 4, 2020 3:58:58 pm
Market Plunge: Small investors are hit hard but coronavirus deeper worry than crash People walking near the BSE building in Mumbai. (Express photo by Pradip Das)

The frontline equity indices on the BSE and National Stock Exchange (NSE) reversed their morning gains to end marginally lower on Thursday, thereby snapping a six-session winning streak. The losses were led by weakness in the banking and financial sectors.

The S&P BSE Sensex slipped 128.84 points (0.38 per cent) to settle below the 34,000-mark at 33,980.70. Likewise, the Nifty 50 too fell 32.45 points (0.32 per cent) to end at 10,029.10. Both the indices had opened flat earlier in the day but gained some steam in the early trade thereafter, however, by afternoon it had erased all the gains and turned negative.

On the Sensex, Asian Paints, Bajaj Finance, Housing Development Finance Corporation (HDFC), Axis Bank, Kotak Mahindra Bank and IndusInd Bank were the top losers of the day. On the other hand, Bharti Airtel, Tech Mahindra, Sun Pharmaceutical Industries, HCL Technologies, Power Grid and Reliance Industries (RIL) were the top gainers. (see heatmap below)

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

Among the sectoral indices, the Nifty Bank slipped 2.63 per cent weighed by Bandhan Bank, RBL Bank and IndusInd Bank. Likewise, the Nifty Financial Services index fell 2.64 per cent on Thursday dragged by Cholamandalam Investment and Finance Company, Bajaj Finance and HDFC.

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 ended at 12,333.29, down 7.36 points (0.06 per cent), while the S&P BSE SmallCap index settled at 11,564.79, down 5.86 points (0.05 per cent).

Rupee

The rupee depreciated 10 paise to provisionally close at 75.57 against the US dollar on Thursday as strengthening US dollar and weak domestic equities weighed on investor sentiment, news agency PTI reported.

The rupee opened weak at 75.62 at the interbank forex market, then gained some lost ground and settled for the day at 75.57 against the US dollar, down 10 paise over its last close. It had settled at 75.47 against the US dollar on Wednesday.

Global markets

The rapid rally in world markets finally paused for breath on Thursday, as traders waited to hear how much more stimulus the European Central Bank plans to shovel out to address the coronavirus slump.

The ECB is expected to pump in another 250-500 billion euros for the cause, but after weeks of sharp gains for stocks, oil and confidence-sensitive currencies, investors were taking the chance to lock in some profit.

Asian stocks stalled at a two-month high, London, Frankfurt, Paris and Brent dipped and the euro, pound and Aussie dollar all wilted as the US dollar snapped out of week-long run of falls.

– with global market inputs from Reuters

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