Lagatar24 Desk
Mumbai, Nov.26: On basis of weak global cues, the Indian equity benchmarks extended losses on Friday, with the benchmark S&P BSE Sensex falling more than 1,200 points and the Nifty 50 index falling below its key psychological level of 17,200. Investor sentiment was dented by the discovery of a new, possibly vaccine-resistant coronavirus variant. The Sensex was dragged down by Reliance Industries, HDFC, HDFC Bank, ICICI Bank, Kotak Mahindra Bank, Infosys, and State Bank of India. The discovery of a new and possibly vaccine-resistant coronavirus variety had investors fleeing to the safety of bonds, the yen, and the dollar on Friday, sending Asian markets plunging to their lowest levels in two months.
Outside of Japan, MSCI’s broadest index of Asia-Pacific stocks plummeted 1.3 percent, the most since September. In Hong Kong, casino and beverage stocks fell, while travel stocks fell in Sydney.
The Nikkei 225 index in Japan sank 2.5 percent, while crude oil futures in the United States plunged over 2% due to renewed demand concerns.
The Sensex was down 1,241 points at 57,554 at 10:30 a.m., and the Nifty 50 index was down 370 points, or 2.11 percent, to 17,166.
The selling pressure was widespread, with thirteen of the National Stock Exchange’s 15 sector gauges trading lower, headed by the Nifty Financial Services index, which fell over 2%. The Nifty Metal, Media, Bank, PSU Bank, Private Bank, Realty, Consumer Durables, and Oil & Gas indices all declined 1% to 1%.
Pharma and healthcare stocks, on the other side, are seeing some buying interest.
The Nifty Midcap 100 index plummeted 0.88 percent, while the Nifty Smallcap 100 index fell 0.5 percent, indicating that mid- and small-cap stocks were also under pressure.
44 of the Nifty 50’s 50 stocks were trading lower, topped by ONGC’s 2.74 percent drop. Maruti Suzuki, Kotak Mahindra Bank, Tata Motors, Hindalco, JSW Steel, Tata Steel, Bajaj Finance, HDFC, Grasim Industries, Titan, Mahindra & Mahindra, and Reliance Industries all saw their stock prices fall by 1.6-3 percent.
Cipla, Dr. Reddy’s Laboratories, Sun Pharma, Divi’s Laboratories, Power Grid, and Coal India, on the other hand, were among the noteworthy gainers.
On the BSE, the overall market breadth was negative, with 1,593 shares decreasing and 1,160 gaining.
