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Sensex slips 983 points, Nifty ends at 14,631 on weak global cues

Sensex crashed 983 points to close at 48,782 and Nifty tanked 263 points to 14,631

twitter-logoBusinessToday.In | April 30, 2021 | Updated 18:12 IST
Sensex slips 983 points, Nifty ends at 14,631 on weak global cues
HDFC twins were the top Sensex losers shedding up to 4.38 per cent, followed by ICICI Bank, Kotak Bank, Asian Paints, M&M, HUL, TCS and Maruti.

Benchmark indices snapped their four-day gaining streak led by losses in financial and auto stocks amid mixed global markets. Sensex crashed 983 points to close at 48,782 and Nifty tanked 263 points to 14,631. However, the indexes gained 2.0% and 1.9% over the week as upbeat corporate earnings reports buoyed sentiment. HDFC twins were the top Sensex losers shedding up to 4.38 per cent, followed by ICICI Bank, Kotak Bank, Asian Paints, M&M, HUL, TCS and Maruti.

On the other hand, ONGC, Sun Pharma, Dr Reddy's and Bajaj Auto were the only  Sensex gainers, rising up to 4.32%.

In the last four sessions, Sensex had gained 1,887 points and Nifty zoomed 553 points.

Market capitalisation on BSE fell by Rs 2.03 lakh crore to Rs 207.02 lakh crore against Rs 209.05 lakh crore in the previous session.

Vinod Nair, Head of Research at Geojit Financial Services said, "The market turned into a correction phase following weakness in the Asian market despite hopeful signs from Wall Street. Rising covid cases and uncertainties surrounding vaccination added more pressure on the market. Along with small-cap stocks, pharma, metal, and oil & gas were the sectoral gainers while profit booking was seen in banking stocks."

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Among sectoral losers, BSE bankex fell  997 points to 37,304 followed by BSE auto index which declined 312 points.  BSE consumer durables and BSE IT index ended 235 points and 217 points lower, respectively.

Bank Nifty too slipped 932 points to 32,781.

BSE midcap and small cap indices ended 133 points and 16 points lower, respectively.

Meanwhile, RIL share ended 1.42% lower at Rs 1,994 on BSE ahead of the firm's Q4 earnings to be announced today.

"In the week ahead, along with Q4 earnings results and updates on covid restrictions, state election results are also expected to influence the momentum. The market also awaits Manufacturing and Service PMI data for the month of April which is expected to be lower than the previous level," Nair added.

Global markets

In Asian trading, Japan's benchmark Nikkei 225 dipped 0.8% to finish at 28,812.63. South Korea's Kospi slipped 0.8% to 3,147.86. Australia's S&P/ASX 200 fell 0.8% to 7,025.80. Hong Kong's Hang Seng lost 2.0% to 28,724.88, while the Shanghai Composite slipped 0.8% to 3,446.86.

France's CAC 40 inched down less than 0.1% in early trading to 6,300.06, while Germany's DAX added 0.4% to 15,212.91. Britain's FTSE 100 added 0.3% to 6,982.92. U.S. shares were set for a slow start, the future for the Dow industrials down nearly 0.2% at 33,900. S&P 500 futures fell 0.2% to 4,193.12.

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