Sensex, Nifty End Over 3% Lower; Banking Stocks Top Laggards  
A bear and a bull statue stand outside the Frankfurt Stock Exchange, on April 28, 2020. (Photographer: Peter Juelich/Bloomberg)

Sensex, Nifty End Over 3% Lower; Banking Stocks Top Laggards  

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Closing Bell: Stimulus Package Leaves Investors Unimpressed

On a day when global markets ended with modest to strong gains and futures in the U.S. indicating a positive start, Indian equity markets ended sharply lower as the Rs 20 lakh crore stimulus package, announced over five days left investors unimpressed.

What also dented sentiment was the addition of over 5,000 Covid-19 cases in the country, the biggest ever single-day spike, just a day after the lockdown was extended to May 31.

The S&P BSE Sensex ended 3.44 percent lower at 30,028, while the NSE Nifty 50 ended at 8,823, down 3.32 percent. 44 out of the 50 Nifty constituents ended with losses.

Among sectoral indices, the Nifty Bank and the Nifty Media index ended with losses of over 6.5 percent. On the other hand, Nifty I.T. and Nifty Pharma outperformed, ending with modest gains. Nifty Auto and Nifty PSU Banking index fell 6 percent each.

Trading Ideas From Hemen Kapadia Of KRChoksey

  • Nifty: Buy 8,500 put of the June 25 expiry at Rs 180 for target of Rs 540 and stop loss of 0
  • Buy Colgate Palmolive at Rs 1,390 for target of Rs 1,430 and stop loss of Rs 1,370
  • Sell Manappuram Finance at Rs 122 for target of Rs 110 and stop loss of Rs 128

Fate Of India's Bond Markets

Markets At 2:10 P.M.

  • Benchmark indices remain near the lowest point of the day
  • Nifty trades 2.65 percent lower at 8,893
  • Sensex trades 2.65 percent lower at 30,273
  • Nifty Bank trades 5.8 percent lower at 17,733
  • Nifty Midcap Index trades 3.7 percent lower
  • Nifty Smallcap Index trades 2.8 percent lower
  • India Volatility Index trades 7 percent lower at 40.67
  • Nifty I.T. Index remains top sectoral gainer; up 1.3 percent
  • Nifty Auto, Nifty PSU Bank and Nifty Realty index down 4.5 percent each
  • Nifty FMCG and Nifty Pharma trade with modest losses
  • Cipla remains the top Nifty gainer; up 3.7 percent
  • IndusInd Bank remains the top Nifty loser; down 8.7 percent
  • 1,381 stocks on the NSE trade with losses while 397 gain

Money Market Update

The currency posted losses for the third straight day in today's trading session, taking cues from the weakness in the equity markets.

The rupee ended at 75.91 against the U.S. Dollar as compared to Friday's close of 75.57. It briefly flirted with the 76 mark, making an intra-day low of 75.97.

The 0.44 percent drop in the rupee made it the worst performer among its Emerging Market Peers for the day.

Yield on the 10-year bond remains at 5.77 percent as compared to Friday's close of 5.78 percent.

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