Snapping its four day rally, Nifty closed at 10305

Equity benchmark Sensex-nifty on Wednesday snapped its four-session winning band to plunge 561 points, trailing a sell-off in the stocks market and weak cues from markets all across the globe.

The 30-share index settled with 1.58 per cent or 561.45 points, lower at 34,868.98, hitting an intra-day high of 35,706.55 and a low of 34,794.93.

Similarly, the NSE Nifty demolished by 1.58 per cent or 165.70 points, to 10,305.30. It touched a peak of 10,553.15 and a low of 10,281.95, during the day.

Vinod Nair, the head of research at Geojit Financial Services said, “Despite opening positive, markets finally ended negative, coinciding with negative global cues. The rise in coronavirus cases worldwide, particularly in the Americas, dispirited the global markets. Domestic cases too show no signs of reduction and this must be costing on the investors.”

The downfall in the European markets and skyrocketing coronavirus cases in the country are other factors for Wednesday’s snapping. While the continuously increasing coronavirus infections remain a major concern. India recorded a total of 15,968 new coronavirus cases, taking the total toll of positive cases to 4,56,183.

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The top laggard in the Sensex pack included IndusInd Bank with a 7 per cent loss, followed by Axis Bank, Bharti Airtel, ICICI Bank, PowerGrid, and SBI.

Housing Development Finance Corporation (HDFC) casted off 2.25 per cent. Peers Kotak Mahindra Bank, Axis Bank, and  nifty HDFC Bank shed 3.24 per cent, 4.30 per cent and 0.80 per cent, respectively.

On the other hand, Asian Paints was the top Sensex gainer with a 3.82 per cent gain, followed by ITC, Nestle India, and Reliance Industries.

Even after the markets snapped, the breadth of the market was just marginally tilted in favor of the bears and on the BSE losers beat gainers in the ratio of 1.2:1.

Markets around all over the globe settled in the red, the stock exchanges in Frankfurt, Paris, and London fell 2 per cent in early deals, Bourses in Hong Kong and Tokyo ended with a loss.

However, Shanghai and Seoul settled with gains.

 

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