In morning trade, Indian equities extended losses, with the Sensex dropping over 1,000 points as Maharashtra, home to India’s financial capital of Mumbai, implemented strict restrictions, including a weekend lockdown, in response to a rapid rise in new infection cases, raising concerns about the country’s economic recovery.
The Sensex was down 1,225 points, or 2.45%, at 48,803.17 at 10:31 a.m., while the Nifty was down 344 points, or 2.32 percent, at 14,522.50. Banking stocks took the brunt of the market’s losses today, with Nifty Bank down 3.90 percent.
In today’s trading, Reliance Industries’ stock was down nearly 3%. RIL’s stock was trading 2.60 percent lower at Rs 1,969,40 per share at 12 p.m., compared to its previous closing price of Rs 2,021.85. In an exchange filing, Mukesh Ambani’s company reported that it has obtained approval for the demerger of its oil-to-chemicals (O2C) business into a wholly-owned subsidiary.
Earlier this day,
Despite positive global cues, the BSE Sensex and Nifty opened lower on Monday, as rising Covid infection cases in the country, especially in Mumbai, the country’s financial capital, worried investors. More than one lakh new infection cases have been reported in the last 24 hours, second only to the United States.
The Sensex was down 408.72 points, or 0.82 percent, at 49,621.11 as of 9:20 a.m., while the NSE benchmark Nifty was down 97.60 points, or 0.66 percent, at 14,769.75.
Apart from IT and metal stocks, most other sectors were down today, with the Nifty Bank, the NSE’s banking sub-index, dropping the most, 1.66 percent.
IndusInd Bank was the worst performer among Nifty stocks, dropping 3.03 percent, followed by Bajaj Finance and SBI, which dropped 2.92 percent and 2.69 percent, respectively.
Other notable losers in the Nifty included Axis Bank, Bajaj Auto, HDFC, Eicher Motors, L&T, Bajaj Finserv, IOC, Kotak Mahindra Bank, HDFC Bank, ITC, NTPC, ONGC, Asian Paints, and BPCL, which dropped between 1.28 percent and 2.01 percent.
The top gainer in the Nifty was Infosys, which rose 2.54 percent, followed by Wipro and HCL Tech, which both rose 2.40 percent and 2.34 percent. Other Nifty gainers included JSW Steel, Britannia, TCS, UPL, Tata Motors, Hindalco, Tech Mahindra, HUL, Ultratech Cement, Shree Cements, Divis Labs, and Cipla.
Friday was a public holiday, so equity markets were closed. The Sensex rose 520.68 points, or 1.05 percent, to 50,029.83 on Thursday, while the Nifty rose 176.65 points, or 1.20 percent, to 14,867.35.
On Thursday, foreign portfolio investors bought Indian equities worth Rs 149 crore in the cash market and were net creditors in the futures and options market worth Rs 4680 crore. They raised their net long position in index futures to 62 percent, up from 60 percent the day before. This is higher than the March average of 60%. In the cash market, domestic institutions sold Indian equities worth Rs 297 crore.