Sensex, Nifty Clock Worst Fall In Nearly Two Weeks
Closing Bell: Sensex, Nifty Clock Worst Fall In Nearly Two Weeks
Indian equity benchmarks registered their worst fall since Sept. 03, 2019.
The S&P BSE Sensex ended 0.7 percent lower at 37,123.31 and the NSE Nifty 50 ended 0.65 percent lower at 11,003.50. The broader markets represented by the NSE Nifty 500 Index closed 0.46 percent lower.
Homegrown brokerage and research firm ICICI Securities expects the 50-stock index to inch towards 11,200 in coming weeks, according to its research report.
“Going ahead, we reiterate our bullish stance. We expect the index to extend the ongoing up move towards our earmarked target of 11,200 in coming weeks, underpinned by strong market breadth and outperformance in cyclical heavy weights, which contribute almost 65 percent weightage of the Nifty,” the research firm said in a note. “In the process, we expect any throwbacks to result into higher base formation wherein we do not expect Nifty to breach 10,850.”
Besides, ICICI Securities also expects the outperformance of mid and small caps to continue.
“Any corrective declines should be utilised as an incremental opportunity to buy quality mid-cap stocks,” ICICI Securities said.
The market breadth, however, was tilted in favour of buyers. About 965 stocks advanced and 813 shares declined on National Stock Exchange.
Seven out of 11 sectoral gauges compiled by NSE ended lower, led by the NSE Nifty PSU Bank Index’s 1.3 percent fall. On the flipside, the NSE Nifty FMCG Index was the top sectoral gainer, up 0.56 percent.
M&M Worst Performer On Sensex, Second-Worst Performer On Nifty
Shares of Mahindra & Mahindra Ltd. fell as much as 2.8 percent to Rs 535.65.
The company will observe no production days between 8-17 days for automotive and farm equipment sector. It will range between 1-3 days for the second quarter of the current financial year.
The stock was the worst performer on Sensex and second-worst performer on Nifty.
Commodity Update: Brent Crude Off 20% High
Asia’s crude benchmark–Brent crude rose 9.2 percent to $65.78 a barrel. It jumped 19.5 percent intraday.
Global oil prices surged the most on record after a drone strike on a Saudi Arabian oil facility removed about 5 percent of global supplies.
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Bond Market Update: 10-Year Yield Rises Seven Basis Points
The yield on the 10-year note rose seven basis points to 6.7 percent. It rose nearly nine basis points intraday.
Money Market Update: Rupee Near Day’s Low
The Indian rupee traded near day’s low against the U.S. dollar. The home currency depreciated 0.88 percent to 71.55 against the greenback.
The local legal tender depreciated 1.06 percent intraday.
Sensex, Nifty Set For Worst Fall In Nearly Two Weeks
Indian equity benchmarks are set for their worst fall in nearly two weeks.
The S&P BSE Sensex fell 0.66 percent to 37,142 as of 3 p.m. and the NSE Nifty 50 fell 0.62 percent to 11,006. The broader markets represented by the NSE Nifty 500 Index fell 0.42 percent.
The market breadth, however, was tilted in favour of buyers. About 956 stocks advanced and 806 shares declined on National Stock Exchange.