BusinessSensex Sinks Over 200 Points After Flat Start; Nifty Holds 20K

Date:

Sensex Sinks Over 200 Points After Flat Start; Nifty Holds 20K

Indian equity benchmarks exhibited volatility on Thursday, sharply reversing early gains amid weak global signals. The BSE Sensex plunged over 200 points after a muted start to trade at 66,694. Meanwhile, the Nifty50 hovered around the psychological 20,000 level.

On the Sensex pack, HDFC Bank, Tata Steel, Asian Paints, NTPC, and IndusInd Bank bled the most. However, ITC, Axis Bank, Hindustan Unilever, Sun Pharma, and M&M bucked the trend with modest gains.

Broader indices saw the midcap index rise 0.1% while the smallcap gauge climbed 0.3% as investors cherry-picked mispriced stocks. Among sectors, banks, auto, FMCG, and pharma traded in the green while IT and metal dragged.

The initial uptick on the weekly F&O expiry day got pared as underlying sentiment remained cautious amid recession fears globally. Analysts expect the tug-of-war between bulls and bears to persist at higher levels due to mixed cues.

That said, the Nifty holding the psychologically important 20,000 mark despite volatility remains a positive sign for the bulls. Strong domestic flows through systematic investment plans are also lending support.

In the IPO corner, Tata Technologies continued its dream run with shares listing at a gigantic 140% premium over the issue price. This takes the tally of successful startup and technology listings to seven this year.

On Wednesday, the Sensex had vaulted over 350 points to end at a record closing high of 66,919. The Nifty too had settled above the 20,000 milestone for the first time since September 22. But the rally remains narrowly focused on select heavyweights as broader markets play catchup.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Share post:

Popular

More like this
Related

India Deploys Geologists to Zambia for Copper and Cobalt Exploration, Say Sources

India has sent a team of geologists to Zambia...

Virat Kohli and Rohit Sharma’s Next India Comeback May Be Delayed as BCCI Awaits Government Clearance

Following their retirement from T20Is last year and their...

Say Goodbye to Power Banks: Smartphones with Massive 8,500 mAh Batteries Launching Soon

The Union Ministry of Environment, Forest and Climate Change...

Government Releases Draft Carbon Emission Regulations for Industries

The Union Ministry of Environment, Forest and Climate Change...