Breaking News

Indian Markets sign RED due to sharp rise in Covid cases across the world

0 0

NEW DELHI: Benchmark indices were headed towards third straight day of cuts on Friday as losses in banks and auto stocks weighed amid sharp rise in virus cases across the world that has led to another round of lockdown in some parts.

The sharp drop in largecap indices is coming after a multi-month rally. The volatility indicator has also surged lately to above 25-level, raising the risk component.

Deep cuts in the shares of Bharti Airtel (down 4 per cent), Bajaj Finance (down 3.36 per cent), Maruti Suzuki (down 2.96 per cent), Eicher Motors (down 2.89 per cent) and Hero MotoCorp (down 2.73 per cent) dragged the NSE Nifty index on Friday, as the 50-pack tanked 104.8 points to trade at 11,566 at 01:01 PM.

Overall, 16 of the index constituents traded with gains, while 33 shed weight.

Its peer Sensex declined 408.05 points to 39,341.8 at around the same time.

Factors dragging the market

Record covid cases


There has been a record surge in Covid-19 infections in Europe and the US. Global coronavirus cases rose by over 500,000 for the first time as France and Germany prepped fresh lockdowns.

Even in India, cities like Delhi have been reporting a record number of cases. India reported around 50,000 cases in the last 24 hours, as per the data released by the Ministry of Health

Asian markets in the red


All Asian markets traded with cuts during the day, dampening the spirit on Dalal Street. Shanghai and Tokyo closed down 1.5 per cent while Kospi plunged 2.56 per cent. Hong Kong and Singapore were trading down 1.5 per cent each.

European shares, however, were steady and traded flat. Germany’s DAX was up 0.32 per cent.

Market Summary
The broader BSE Midcap index traded 13.93 points up at 14,826.18. BSE Smallcap was down 0.51 per cent to 14,817.39.

Vodafone Idea, Tata Motors, Indian Oil Corp, YES Bank and Bank of Baroda were among the most traded securities on NSE (in volume terms) during the session so far, while in value terms, RIL, Bajaj Finance, Axis Bank, IndusInd Bank and ICICI Bank were among the chart toppers.

Meanwhile, shares of Blue Dart Exp, Vaibhav Global, Adani Green Energy Ltd., Route Mobile Ltd. and Adani Enterpr. have scaled their fresh 52-week highs so far. On the other hand, hit their new 52-week low levels.

The sectoral landscape was telling a bleak story. BSE Bankex, which represents the segment that has maximum weightage in the index, was down 1.78 per cent, while the IT Index — another major constituent — was down 0.74 per cent. The auto index was down 1.57 per cent.

Among others, Capital Goods index was down 0.06 per cent, Realty index up 0.65 per cent, Oil and Gas index up 1.25 per cent, Consumer Durables index down per cent, FMCG index down 0.93 per cent, Metals index up 0.07 per cent and Telecom index down 3.15 per cent.

Happy
Happy
0 %
Sad
Sad
0 %
Excited
Excited
0 %
Sleepy
Sleepy
0 %
Angry
Angry
0 %
Surprise
Surprise
0 %

Average Rating

5 Star
0%
4 Star
0%
3 Star
0%
2 Star
0%
1 Star
0%

Leave a Reply

Your email address will not be published. Required fields are marked *