Last hour sell-off in banks, IT stocks drag Nifty below 8,750, Sensex falls 1,300 pts from day’s high

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Published: April 8, 2020 4:21:14 PM

Market Breadth was in favour of bulls. For every loser, there were more than three gainers. Pharma, Auto and media led the market but profit booking seen from Banking, NBFC and IT sectors

coronavirus, covid 19, financial markets, sensex, nifty, stock exchange, share marketDuring the day Sensex rose 1,000 points to trade above 31,000 and Nifty 50 reclaimed the crucial 9,000 level to trade at its highest level in 13 sessions

The last hour sell-off dragged domestic equity market benchmarks Sensex and Nifty lower on Wednesday amid weak global cues. Index heavyweights such as RIL, TCS and ICICI Bank were among the top contributors towards today’s fall. During the day Sensex rose 1,000 points to trade above 31,000 and Nifty 50 reclaimed the crucial 9,000 level to trade at its highest level in 13 sessions. But in the late afternoon session, headline indices gave up all the gains to finish lower. “Today, Nifty witnessed a roller coaster ride. It witnessed a gap-down opening due to negative clues from the US market. Post that market rallied and Nifty touched a high of 9,131 on the hopes of stimulus measures by Indian government. But soon profit booking wiped out all the gains of the day after news of “Eurozone failed to reach a deal on stimulus” reached the market,” Vishal Wagh, Head of Research, Bonanza Portfolio Ltd, said.

Sensex ends below 31,000-mark: S&P BSE Sensex fell 173 points or 0.58 per cent to end at 29, 894, while the broader Nifty 50 index closed below 8,750, down 44 points or 0.49 per cent.

TCS top Sensex dragger: As many as 15 stocks out of 30 Sensex stocks settled in red today. TCS was the top Sensex loser, down 3.91 per cent, followed by Titan, ICICI Bank and SBI. On the flip side, Sun Pharma was the top Sensex gainer, up 4.69 per cent. NTPC, IndusInd Bank, Bajaj Finance and Maruti were among other gainers on the index. 

Nifty Bank index gained half a per cent: Most of the sectoral indices settled in a negative territory. Nifty Bank index finished lower weighed by Federal Bank, ICICI Bank and SBI. Conversely, Nifty Pharma index gained 3.54 per cent led by gains in Cadila Healthcare, Sun Pharma and Cipla. “Market Breadth was in favour of bulls. For every loser, there were more than three gainers. Pharma, Auto and media led the market but profit booking seen from Banking, NBFC and IT sectors,” Vishal Wagh added.

Govt mulls 21-day lockdown extension: States, district administrations and experts have suggested the extension of 21-day nationwide lockdown. Prime Minister Narendra Modi is scheduled to do a video conference with all Chief Ministers on April 11. “Markets are also uncertain as to the government response after the official 21 day lockdown expires on April 14. Some states are looking to extend the lockdown and some are for withdrawing it in a phased manner. The longer the lockdown stays, more the impact on the economy and companies,” Vinod Nair, Head of Research, Geojit Financial Services, said.

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