Domestic stock markets on Monday came under selling pressure as worries over high COVID-19 infection cases and weak global cues hit the sentiment. The Sensex fell by 667 points to 36,939.60 and the NSE Nifty Index plunged by 182 points to 10,891.60.
In the broader markets, midcap index recorded losses of 0.2 per cent and smallcap was down 1.1 per cent. Losses were led by RIL shares and financials. Foreign investors made net investments of Rs 7,818 crore on Monday.
Vinod Nair, head of research, Geojit Financial Services, said, “Indian benchmark indices closed in the negative with losses, following mixed global cues. As virus cases continued to rise and with the uncertainty regarding rate actions by the RBI, markets succumbed to the momentum slowdown visible in the last couple of trading sessions.”
Although momentum has slowed down, stock specific action is still happening, depending mainly on the earnings results and commentary. “As long as the markets hold the current range, these downturns could be shortlived and should be utilized to accumulate quality stocks,” Nair said.
As per Ajit Mishra, VP-research, Religare Broking, despite decent month sales numbers reported by auto OEMs on the domestic front, investor sentiment remained downbeat, citing weak global markets and rising COVID cases.
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