Sensex records two loss sessions and ends 374 more points despite Covid-19 concerns

The benchmarks broke two sessions of losses Thursday amid a rally in banking and financial stocks. Sensex closed 374 points higher at 48,080 and Nifty jumped 109.75 points to 14,406.

The market recovery came even as the deteriorating COVID-19 situation remained of concern. At the start of the rally, Sensex had plunged 501 points but managed to finish in the green.

ICICI Bank was Sensex’s first winner with a 3.60% increase, followed by HDFC, Bajaj Auto, HDFC Bank, SBI, Kotak Bank, Bajaj Finance and Axis Bank.

In contrast, Titan, HUL, Asian Paints, Nestlé India, UltraTech Cement and Tech Mahindra were among the biggest losers in Sensex, falling to 2.75%.

India recorded more than 3.14 lakh new cases of coronavirus in one day, the highest number ever recorded in a single day in any country, bringing the total of COVID-19 cases in the country to 1, 59.30965, according to the Union Health Department data updated Thursday.

Nagaraj Shetti, Technical Research Analyst at HDFC Securities, said: “Nifty’s short-term trend appears to have reversed from the lows. But the fear of a strong sell-up persists until the 14560 level is decisively broken on the upside. The intraday chart setup could signal the possibility of another sell upside around 14450-14500 levels in the next 1-2 sessions.

COVID-19: PM Modi holds high-level meeting on oxygen supply and availability

Of 30 Sensex stocks, 18 ended in the green today. The market capitalization of companies listed on BSE rose from Rs 97.313 crore to Rs 202.61 lakh crore during today’s session. The scale of the market was positive, with 1,724 stocks ending higher against 1,203 lower on BSE.

157 stocks remained unchanged in trading today. The BSE midcap and small cap indices rose 55 points and 123 points respectively in trading today.

Bank stocks were the first winners, with BSE Bankex closing 754 points higher at 36,054 points. Bank Nifty closed 670 more points at 31,782.

Global markets were largely in positive territory, with investors monitoring immunization progress and economic recovery in several countries, although the steady rise in COVID-19 cases remained an overhang.

In Asia, the stock exchanges in Hong Kong, Seoul and Tokyo ended on a positive note, while Shanghai was in the red. Stock exchanges in Europe were trading with gains in mid-session trades.

Leave a Reply

Your email address will not be published.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