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Sensex falls 580 points, Nifty at 12,771 on weak global cues

Equities also stepped back after soft US retail sales data. Economic restrictions after the closure of the public school system in New York also kept sentiments tepid today across all markets, leading to profit booking.

Rupa Burman Roy | November 19, 2020 | Updated 18:11 IST
Sensex falls 580 points, Nifty at 12,771 on weak global cues
Moreover, stock exchanges in Europe also opened with sharp losses, after seeing such a sharp rally since the beginning of November, which led to trend reversal in the domestic market as well

After clocking record highs around the mid-session, benchmark indices failed to hold on to gains and ended majorly lower on Thursday, amid weakness in global equity markets.

Amid heavy selling pressure in banking and financial stocks, Sensex reversed the trend after 3 days and fell 580 points to close at 43,600, while Nifty ended 166 points to 12,771. During the session, Sensex and Nifty touched their lifetime highs of 44,222 and 12,959, respectively. Yesterday, Sensex ended 227.34 points higher at its record closing of 44,180 and Nifty rose 64.05 points to end at its all-time high of 12,938.25.

Infosys, HCL Tech, SBI, Airtel, HUL were among the top losers today, while Bajaj twins, Tata Steel, Titan, ONGC, M&M, NTPC were among the top gainers on Sensex . Among sectors, banking and financial stocks witnessed steep correction, and most of the sectoral indices ended in red, barring media and FMCG.

Global equities were negative today amid profit booking from recent highs. Further, renewed concerns about new restrictions and lockdowns due to an increase in coronavirus cases shrugged off hopes of COVID-19 vaccine. Equities also stepped back after soft US retail sales data. Economic restrictions after the closure of the public school system in New York also kept sentiments tepid today across all markets, leading to profit booking.  

Moreover, stock exchanges in Europe also opened with sharp losses, after seeing such a sharp rally since the beginning of November, which led to trend reversal in the domestic market as well.

Yesterday, US markets ended lower as stocks declined in the late session, while Asian markets were trading mixed today. On the vaccine front, Pfizer and BioNTech on Wednesday said that a final data analysis found their coronavirus vaccine was 95% effective in preventing Covid-19 and appeared to fend off severe disease. Meanwhile, Moderna said preliminary phase three trial data showed its vaccine was more than 94% effective.

Keshav Lahoti- Associate Equity Analyst, Angel Broking said, "Indian market corrected by 1.3% on the back of weak global cues. A correction was led by banking stocks due to profit booking. The global market was in a negative zone: Dow Futures, Nasdaq Futures, and FTSE were down by 0.4%, 0.5%, and 1.0% respectively. After the sharp rally in the market from the last few days, we are a bit cautious on the market. We advise investors to have quality stock in their portfolio with strong revenue visibility at a reasonable valuation."

On markets closing --Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments said," After a gap down, the Nifty turned positive but was unable to sustain that for very long. It went back into negative territory but has not broken the support of 12500 which means the trend continues to remain bullish. 13100 still remains an open target which the index can achieve by the end of the November series.

On the currency front, the Indian rupee traded in a narrow range today and depreciated 8 paise to end at 74.27 per US dollar, tracking muted domestic equities and strong American currency. On Wednesday, the rupee had settled at 74.19 per US dollar. Traders said rising COVID-19 cases in the US and Europe offset positive sentiments surrounding the progress on the vaccine front.

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