S&P BSE Sensex has dropped 33 percent from its record high level of 42,273 touched on January 20,2020. Similarly the broader Nifty50 index is 33 per cent off from its all time record high of 12,430
The headline indices Sensex and Nifty settled lower on Thursday after a brief foray into positive territory in intraday trade. Domestic equity market benchmarks hit another 3-year low today, last time these levels were seen on December 26, 2016. The 30-share index Sensex ended 580 points or 2.01 per cent down at 28,288, while the Nifty50 index finished the trade below the crucial 8,300 level, at 8,270, down 199 points or 2.35 per cent. “During the afternoon session the markets showed marginal pullback but largely remained short-lived as exporters body Federation of Indian Export Organisations (FIEO) said the export sector has started feeling the pinch of the outbreak of coronavirus as international buyers are asking to hold back shipments. The data on total government liabilities also raised concerned as it rose 3.2% to 93.89 lakh crore till Dec-19,” Narendra Solanki, Head Fundamental Research-Investment Services, Anand Rathi Shares and Stock Brokers said.
What pulled down Sensex, Nifty today-
- Sensex, Nifty climb off from day’s high levels; check what’s keeping investors on edge today
- Market Highlights: Sensex ends 306 points higher, Nifty settles above 10,100; SBI jumps 9%, metals, financials gain
- Market HIGHLIGHTS: Sensex ends 330 pts down from day’s high; Tech Mahindra jumps over 5%, Airtel up nearly 4%
Sensex down 33% from its record high– S&P BSE Sensex has dropped 33 percent from its record high level of 42,273 touched on January 20,2020. Similarly the broader Nifty50 index is 33 per cent off from its all time record high of 12,430.
Bajaj Finance drops 10%– As many as 21 stocks out of 30 Sensex stocks finished the trade in red. Bajaj Finance was the top loser, down 10 per cent, followed by Axis Bank, M&M, Maruti and Tech Mahindra. On the contrary, ITC, top Sensex gainer, rose nearly 7 per cent to re-enter the list of top 10 most valued companies. Bharti Airtel, Infosys, HDFC Bank and Kotak Mahindra Bank were among gainers on index.
Nifty Auto index top sectoral loser– All the Nifty sectoral indices settled in deep sea of red. NiftyAuto index cracked the most, down around 5.84per cent to 5,195 points, followed by Nifty Metal and Nifty Media indices, down 5.29 per cent and 4.80 per cent, respectively.
Air India, IndiGo announce pay cut for employees- IndiGo CEO Ronojoy Dutta announced on Thursday that the airline was instituting pay cuts for senior employees and he would himself take the highest cut of 25 per cent amid the coronavirus pandemic. On the other hand Air India may also cut salary of employees by 5 per cent in the wake of growing financial woes due to rising concerns of coronavirus pandemic, according to a PTI report.
Technical Observation- Amid high volatility,Nifty 50 index ended with a loss of 2.4 per cent on Thursday. “The short term trend of Nifty continues to be negative. Having showed minor buying from the lows, the chance of sustainable upside bounce could be less. Any attempt of up move towards 8500-8550 could be asell on rise opportunity,” Nagaraj Shetti, Technical Analyst, HDFC Securities said.