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Sensex, Nifty Close At A Three-Month Low Dragged By Reliance, I.T. Stocks

Catch all live updates on share prices, index moves, corporate announcements and more from the Sensex and Nifty, today.

<div class="paragraphs"><p>A chart showing  change in the value of securities on a trader's computer screen. (Photographer: Chris Ratcliffe/Bloomberg)</p></div>
A chart showing change in the value of securities on a trader's computer screen. (Photographer: Chris Ratcliffe/Bloomberg)
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Closing Bell

India's stock benchmarks closed at three-month lows, dragged by broad-based losses across sectors. Index heavyweights Reliance Industries Ltd., Tata Consultancy Services and Infosys Ltd. led the decline. Both the S&P BSE Sensex and NSE Nifty 50 posted their lowest close since August 27. Concerns over the omicron strain of covid-19 virus and the hawkish stance of U.S. Federal Reserve with respect to tapering the monetary stimulus sapped sentiment.

Sensex, Nifty Close At A Three-Month Low Dragged By Reliance, I.T. Stocks

The S&P BSE Sensex shed 1.65% to 56,747.14. This is the steepest decline for the 30-stock gauge since November 26. This is also the first time the Sensex closed below 57,000 since August 30. The NSE Nifty 50 index also declined 1.65% to a three-month low of 16,912.25. This is the first time the 50-stock index closed below 17,000 since November 30.

Sensex, Nifty Close At A Three-Month Low Dragged By Reliance, I.T. Stocks

Infosys Ltd. contributed the most to the index decline, decreasing 2.3%. IndusInd Bank Ltd. had the largest drop, falling 3.7%. Today, 49 of 50 shares fell, while 1 rose

Sensex, Nifty Close At A Three-Month Low Dragged By Reliance, I.T. Stocks

The broader indices almost mirrored their larger peers with both the S&P BSE MidCap and S&P BSE SmallCap shedding 1.35%. All the 19 sectoral indices compiled by the BSE Ltd. declined with S&P BSE Information Technology and S&P BSE Teck falling 2.5%. S&P BSE Energy and S&P BSE Telecom shed 2% as well.

The market breadth was skewed in the favour of bears. About 1,419 stocks advanced, 2,002 declined and 178 remained unchanged.

"The market witnessed some correction after a failed attempt to sustain the Nifty 50 Index level of 17,200. The market research suggests that 16,800 will be an important support level in the market. If the market is unable to sustain the market levels of 16,800, we will witness correction to continue in the market till the level of 16,400", Vijay Dhanotiya, Senior Research Analyst at CapitalVia Global Research Ltd. wrote in a note and advised the traders to refrain from building a fresh buying position, until further improvement in the market conditions.

Siddhartha Khemka, Head - Retail Research at Motilal Oswal Financial Services Ltd. identified concern over the new variant of Covid and the upcoming RBI meeting on interest rate as major reasons for the volatility in equity markets. He expected the market volatility to remain high until there is clarity on the impact of the new virus and added that FII selling remained pretty strong adding to the overall market weakness.

Rupee Bonds Gain On Dovish RBI Policy Bets

Indian bonds gained on hopes that the central bank may hold back on raising the reverse repo rate amid uncertainty over the omicron variant and after China cut its reserve requirement ratio. The rupee fell for a third day as local stocks slide

  • 10-year yields down 1bp at 6.36%; 5-year yield drops 1bp to 5.69%

  • USD/INR rose 0.3% to 75.4238; rose to 75.4587, the highest since Oct. 13

Source: Bloomberg

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All Constituents Of NSE Nifty Bank Index Decline

Sensex, Nifty Close At A Three-Month Low Dragged By Reliance, I.T. Stocks

NSE Nifty FMCG Index Sheds Nearly 2%

Sensex, Nifty Close At A Three-Month Low Dragged By Reliance, I.T. Stocks
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Digital Assets To Add $1.1 Trillion To India GDP By 2032: CrossTower

India’s digital asset growth over the next 11 years will come from businesses that are yet to be invented, U.S. crypto firm CrossTower Inc. and the US-India Strategic Partnership Forum said in a report.

  • The digital asset economy’s value to India’s GDP will grow at 43.1% CAGR from $5.1 billion in 2021 to $261.8 billion over an 11-year period.

Source: Bloomberg


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Sensex, Nifty Close At A Three-Month Low Dragged By Reliance, I.T. Stocks
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