Taking Stock: Investors book profits as Sensex breaks below 30,000

Profit-taking after a massive rally seen in the previous trading session pulled the S&P BSE Sensex below 30,000 while Nifty50 also gave up 8,800 levels on April 8. Let’s look at the final tally on D-Street – the S&P BSE Sensex fell 173 points to 29,893 while the Nifty50 closed 43 points lower at 8,748. Sectorally, the selling pressure was visible in Realty, IT, Consumer Durables, and Bankex while buying was seen in Healthcare, auto, as well as Utilities. Broader markets outperformed as the S&P BSE Midcap index was up 1.9 percent while the S&P BSE Smallcap index closed 1.86 percent higher. Although news reports related to a next stimulus package lifted sentiment but muted global cues, as well as uncertainty around COVID-19, dampened the sentiment. Also, India could be looking at extending the lockdown which could hurt economic activity. “Markets gave up gains, following a negative opening in the European Markets and uncertainty regarding the spread of Covid-19 infections. Markets are also uncertain as to the government response after the official 21-day lockdown expires on April 14,” Vinod Nair, Head of research at Geojit Financial Services told Moneycontrol. “Some states are looking to extend the lockdown and some are for withdrawing it in a phased manner. The longer the lockdown stays, more the impact on the economy and companies,” he said. Top Nifty gainers include names like NTPC, Cipla, Sun Pharma, Bharti Infratel, and Vedanta. Top Nifty losers include names like Hindalco, Shree Cements, Titan Company, and TCS.

Read Full Article

No posts were found