Sensex, Nifty End Near Day’s Low; Banks, I.T. Stocks Drag
Markets At Close
- Benchmark indices end near the day's low
- Nifty ends 1.2% lower at 10,046
- Sensex ends 1.2% lower at 33,956
- Nifty Bank ends 2.2% lower at 20,724
- Nifty Midcap Index ends 0.4% lower
- Nifty Smallcap Index ends 1.4% lower
- India Volatility Index ends 2.1% higher at 30.26
- Nifty Media Index ends as the top sectoral laggard; down 3.3%
- Nifty Pharma ends as the top sectoral gainer; up 1.8%
- Nifty I.T., Metal and PSU Bank Indices end over 1% lower
- Dr Reddy's Laboratories ends as the top Nifty gainer; up 3.8%
- ICICI Bank ends as the top Nifty laggard; down 3.7%
- 749 stocks on the NSE ended with gains while 1,084 declined
The Performance Of Sectoral Indices In Today's Session
Closing Bell: Markets Take A Pause; Volatility Rises
Indian equity markets paused their winning run in eight out of the last 10 sessions, ending today's session near the lowest point of the day.
Both the S&P BSE Sensex and the NSE Nifty 50 index ended 1.2% lower at 33,956 and 10,046 respectively.
For the day, both Sensex and Nifty fell over 850 and 250 points from their day's high respectively.
Markets across Europe have extended their losses while futures on the Dow Jones are trading lower by nearly 350 points.
Among sectoral indices, the Nifty Media index ended as the top laggard with cuts of 3.5%. The Nifty Bank and the PSU Banking index ended 2.2% and 1.8% lower respectively.
The Nifty Pharma index outperformed in today's session, ending with gains of 1.6%.
Market breadth turned adverse in the second half of trade. 1,084 stocks on the NSE ended with losses while 784 managed to post gains.
Stock Update: Welspun Corp
- Up for the 10th straight day
- Longest winning streak since January 2017
- Trades at the highest level in three months
- Gains as much as 5% to Rs 82.25 in today's session
- Has gained 46% in the last 10 trading sessions
- Today's gains are on volumes that are 2.3 times higher than its 30-day average
- Trades in overbought territory with Relative Strength Index (RSI) at 74
- Has gained 49% from its 52-week low of Rs 55 on May 22, 2020
- Three out of the five analysts tracking the stock have a buy recommendation
- The stock trades 8.3% higher than its 12-month consensus price target of Rs 73, implying a negative return potential
Covid-19 Impact: Apollo Hospitals
- Standalone pharmacy revenue and business performance not impacted during the lockdown.
- Substantial reduction in inpatient case loands.
- Current embargo on international travel has impacted patient flows to hospital units located in major metros.
- Continue to evaluate the full impact of the pandemic on the business.
- Well positioned to continue to address the demand for high quality tertiary care across the country over the long-term.
- Do not anticipate any risks to recoverability of receivables or supply chain related bottlenecks.
Shares are off the day's high and trade little changed.