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Sensex, Nifty falter after eight sessions; banking stocks top losers

While Sensex ended 236 points lower or 0.54 per cent lower at 43,357, Nifty  slipped 58.35 points or 0.46 per cent to 12,690

twitter-logoBusinessToday.In | November 12, 2020 | Updated 18:54 IST
Sensex, Nifty falter after eight sessions; banking stocks top losers
During eight sessions since October 30, Sensex had rallied 3,979 points and Nifty gained 1107 points

Sensex and Nifty snapped their eight-session winning run today tracking losses in banking stocks as profit-booking emerged amid lacklustre global cues. While Sensex ended 236 points or 0.54 per cent lower at 43,357, Nifty  slipped 58.35 points or 0.46 per cent to 12,690.

During eight sessions since October 30, Sensex had rallied 3,979 points and Nifty gained 1107 points.

The new set of stimulus measures announced by the government also failed to enthuse investors, traders said.

During the day, Sensex lost 466.12 points to 43,127 against previous record close of 43,593.

On Sensex, SBI was the top loser falling around 3 per cent, followed by Kotak Bank, IndusInd Bank, NTPC, ICICI Bank, Axis Bank and HDFC Bank.

HUL, ITC, L&T, Bajaj Finserv and Tech Mahindra ended with gains of up to 2.89% today.

Share Market News update: Sensex, Nifty snap eight-day gaining streak; SBI, Kotak Bank, IndusInd Bank top losers

Gaurav Ratnaparkhi, Senior Technical Analyst at Sharekhan said, "Nifty has taken a pit stop on November 12 after rallying for eighth straight sessions. The index traded in a narrow range and formed an inside bar on the daily chart. This suggests that the index has stepped into a brief consolidation mode. Consolidation can take place in the range of 12570-12770 and will allow the overbought short term momentum indicators to cool off. So, the overall structure shows that the sideways action will make room for the index to stretch higher after the brief pause. Key short term targets on the upside are 12850 and 13000."

Announcing a slew of measures to boost the economy, Finance Minister Nirmala Sitharaman said the Indian economy was witnessing a strong recovery after a long and strict lockdown.

She unveiled a new job creation scheme by giving subsidy to those establishments that make new hires. The subsidy would be to cover for retirement fund contributions by employees as well as employers for two years.

Goldman Sachs sees 15% upside to Nifty in 2021, upgrades Indian equities to overweight

Meanwhile, market breadth was positive with 1550 stocks ending higher against 1146 stocks ending lower on BSE. 190 stocks were unchanged.

Market capitalization on BSE fell to Rs 167.52 lakh crore.

Banking stocks were the top losers witnessing profit booking in trade today. BSE bankex fell 679 points to 32,435. Bank Nifty too slipped 1.96% or 566 points to 28,278. In eight sessions, BSE bankex rose 5,726 points.  Bank Nifty too gained 4,945 points during the period.

Global markets

World stocks fell on Thursday after an overnight comeback by big technology shares that have thrived during the pandemic.

Excitement over news of potentially effective vaccines for COVID-19 has been tempered by concerns over the logistical challenges of ensuring access to billions of people.

Germany's DAX lost 0.8% to 13,104.87 and the CAC 40 in Paris declined 0.9% to 5,393.76. In Britain, the FTSE 100 gave up 0.6% to 6,342.53. On Wall Street, the future for the S&P 500 slipped 0.6% while the contract for the Dow industrials lost 0.7%.

In Asian trading, Tokyo's Nikkei 225 index gained 0.7% to 25,520.88 despite a report that machinery orders fell in September, suggesting weakness in corporate investment.

Hong Kong's Hang Seng index fell 0.2% to 26,169.38 and the Shanghai Composite index declined 0.1% to 3,338.68. In Seoul, the Kospi shed 0.4% to 2,475.62. Australia's S&P/ASX 200 slipped 0.5% to 6418.20.

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