Lagatar24 Desk
Mumbai, Oct.21: In early trades, the BSE benchmark index, the Sensex, reached a high of 61,621 before falling to a low of 61,164. At 61,239, the 30-stock index was down 21 points.
The NSE Nifty remained almost unchanged at 18,267.
The current market downturn, according to Vinod Nair, Head of Research at Geojit Financial Services, is not an overreaction and may be sustained in the short run due to high valuations. However, the reforms and China plus one plan that took place in 2020-21 will assist Indian corporations in the future.
In addition, due to continued re-opening of the economy, low-interest cycle, and fiscal & private expenditure, the long-term economy & market trend is unaffected. This correction will allow for value-buying, defensives, and new stocks and sectors to emerge as a result of the fresh demand.
Kotak Bank has risen 2% to Rs 2,055 among the Sensex 30 stocks. Other notable gainers include HDFC, Sun Pharma, PowerGrid Corporation, and NTPC. HCL Technologies and Reliance Industries, on the other hand, are both down over 1%.
Havells India has fallen 9% to Rs 1,279 in intraday trade on profit booking after the consumer electronics company announced a poor operational performance in the July-September quarter (Q2FY22).
Other notable losers included Shriram City, Sonata Software, Oil India, and Jubilant Foodworks.
On the plus side, IRB Infrastructure and Shoppers Stop have both increased by over 15%. Some of the biggest gainers were Coffee Day and Rail Vikas Nigam.
