Sensex plunges 200 points to close at 47,878, Nifty down 64 points at 14,341
- "Concerns of rising COVID-19 cases continued to weigh on investors sentiments," Binod Modi, the head of strategy at Reliance Securities, said.
Domestic equity indices edged lower in the closing session on Friday with BSE Sensex falling 200 points and the broader Nifty giving up the 14,400 level. As the session closed, the 30-share barometer Sensex slipped 202.22 or 0.42% to 47,878.45 and Nifty 50 was down 64.80 or 0.45% at 14,341.35.
"It was a choppy trading day and benchmark indices fell sharply towards the final session of the market mainly led by selling pressure in across the sectors barring PSU Banks. Concerns of rising COVID-19 cases continued to weigh on investors sentiments," Binod Modi, the head of strategy at Reliance Securities, told news agency PTI.
M&M was the top loser in the Sensex pack, shedding over 2%, followed by Dr Reddy’s, Bharti Airtel, Tech Mahindra, HUL, ICICI Bank and Infosys. On the other hand, PowerGrid, NTPC, IndusInd Bank, Axis Bank, HDFC and Asian Paints were among the gainers.
Speaking on how the markets may perform in the coming days, Rusmik Oza, executive vice president and head of fundamental research at Kotak Securities told PTI, "Fresh lockdowns and restrictions being imposed by various state governments will impact demand and also business activity. The persistent rise in hard commodity prices is a threat which could weigh on margins of many manufacturing companies. Too many potential negatives have come together which could impact markets in the very near future."
India on Friday reported over 300,000 Covid-19 cases, the biggest daily tally in the world for the second consecutive day. The spike has taken the country's infection tally to 16,263,695 and the death toll due to the coronavirus disease has also gone up to 186,920.
Markets had also opened in the red with Sensex 204.64 points lower at 47,876.03 while Nifty declined 33.40 points to 14,372.75.
Stocks in Shanghai, Hong Kong and Seoul ended on a positive note, while Tokyo was in the red. Markets in Europe were also trading with losses in mid-session deals. Meanwhile, international oil benchmark Brent crude was trading 0.06% lower at $65.36 per barrel.
(With agency inputs)