RIL, HDFC Bank send Sensex below 34,000; check what weighed on investor sentiment today

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June 9, 2020 4:40 PM

The 30-share Sensex plunged 855 points from day's high to end at below 34,000-mark, while the broader Nifty 50 index dipped 245 points from intraday's high.

Sensex, NiftyOur markets also seem to be driven by global cues and European markets opening in the red had an impact on our markets

On the back of widespread profit booking in bluechip private bank stocks, BSE Sensex and Nifty 50 ended over a per cent lower on Tuesday. The 30-share Sensex plunged 855 points from day’s high to end at below 34,000-mark, while the broader Nifty 50 index dipped 245 points from intraday’s high to the close the session at 10,046. Index heavyweights such as HDFC Bank, Reliance Industries, Bharti Airtel, ICICI Bank and Kotak Mahindra Bank were among major contributors in the Sensex plunge today. “Our markets also seem to be driven by global cues and European markets opening in the red had an impact on our markets. US FOMC announcements tomorrow can have a bearing on the global markets,” said Vinod Nair, Head of Research at Geojit Financial Services.

Top BSE Sensex gainers and losers: Top laggards on Sensex were ICICI Bank, Bharti Airtel, HDFC Bank, Bajaj Finance, Kotak Mahindra Bank and Axis Bank. On the flip side, IndusInd Bank led the pack of gainers on Sensex. Sun Pharma, M&M, HDFC, ITC, Asian Paints and UltraTech Cement were among other gainers on the index.

Nifty Bank index falls 535 points: Nifty Media and Nifty Bank declined the most, down 3.29 per cent and 2.18 per cent, respectively. Nifty Bank fell 535 points dragged by ICICI Bank, HDFC Bank and Axis Bank.

Technical observation: Even as markets ended in red, Nifty 50 sustained the 10,000-mark in today’s trade. “After showing higher levels weakness in the last session, Nifty failed to sustain the intraday gains today slipped into weakness in the mid to later part of the session and closed the day lower by 120 points. A long negative candle was formed with upper shadow on Tuesday. Technically, this pattern indicates sell on intraday rise action in the market,” said Nagaraj Shetti, Technical Research Analyst, HDFC Securities.

Coronavirus cases spike: The total number of coronavirus cases in the country has reached to 2,66,598 with a death toll at 7,466. Delhi’s deputy CM has reportedly made a statement that the number of COVID-19 cases in Delhi may rise exponentially to around 5.5 lakh by end of July 2020. “What happens if local governments start delaying opening up of sectors that are perceived to help spread the disease by a few weeks if not a month or two. Caution is warranted in stocks in sectors such as multiplexes, malls, commercial reality, travel & luggage, hospitality, restaurants etc especially as they had moved rapidly in the last few weeks on the hope of benefiting from the lifting of lockdown,” said Ajay Bodke CEO & Chief Portfolio Manager (PMS) Prabhudas Lilladher.

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