Sensex Drops Over 700 Factors, Nifty Beneath 14,400; Metallic Shares Worst Hit

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The S&P BSE Sensex and NSE Nifty 50 indexes prolonged losses in midday offers on the again of a broad-based promoting stress on account of revenue reserving. Metallic, banking, monetary companies and realty shares have been among the many worst hit in commerce up to now. The benchmarks opened decrease taking cues from different Asian markets and prolonged losses whereby the Sensex fell as a lot as 716 factors and Nifty 50 index fell beneath its essential psychological degree of 14,400. Reliance Industries was the highest drag on the Sensex forward of its December quarter earnings.

As of 1:46 pm, the Sensex fell 675 factors to 48,945 and Nifty 50 index dropped 200 factors or 1.4 per cent to 14,390.

9 of 11 sector gauges compiled by the Nationwide Inventory Trade have been buying and selling decrease led by the Nifty Metallic index’s 4 per cent drop. Nifty Financial institution, Monetary Companies, Media, Pharma, PSU Financial institution and Personal financial institution indices additionally fell between 1.4-2.6 per cent.

However, auto shares have been witnessing shopping for curiosity.

Mid- and small-cap shares additionally succumbed to promoting stress as Nifty Midcap 100 index dropped 1 per cent and Nifty Smallcap 100 index declined 0.5 per cent.

Among the many particular person shares, JK Tyre Industries rose as a lot as 15.4 per cent to hit recent 52-week excessive of Rs 133.40 on the BSE after it reported sturdy earnings in quarter ended December 2020. The Delhi-based tyre maker in an alternate submitting put up market hours on Thursday stated that its consolidated revenue got here in at Rs 224 crore in contrast with Rs 11 crore in the course of the corresponding interval a 12 months in the past.

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SBI Card gained as a lot as 4 per cent whereas Biocon fell 9 per cent after saying their December third quarter outcomes.

Hindalco was high Nifty loser, the inventory fell 5 per cent to Rs 236. Axis Financial institution, JSW Metal, Tata Metal, ICICI Financial institution, Asian Paints, Coal India, State Financial institution of India, NTPC, Tech Mahindra, Reliance Industries and UPL additionally fell between 2-5 per cent.

On the flipside, Bajaj Auto rose 10 per cent to file excessive of Rs 4,130 a day after the two-wheeler maker’s revenue in October-December interval rose 23 per cent to Rs 1,556 crore in opposition to Rs 1,262 crore throughout the identical quarter final 12 months.

Hero MotoCorp, Eicher Motors, Tata Motors, Hindustan Unilever, TCS and Maruti Suzuki have been additionally among the many gainers.

The general market breadth was extraordinarily unfavorable as 2,043 shares have been declining whereas 817 have been advancing on the BSE.



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