Nifty has jumped 80 per cent in present monetary yr.
The Indian fairness benchmarks proceed to commerce with a detrimental bias on the final day of economic yr 2020-21 dragged by losses in index heavyweights like HDFC, HDFC Bank, ICICI Bank, Infosys, Reliance Industries and Kotak Mahindra Bank. The benchmarks opened decrease and prolonged losses in afternoon buying and selling whereby the Sensex fell as a lot as 611 factors and Nifty 50 index was buying and selling near its vital psychological degree of 14,700. Rising bond yields in US and stronger greenback towards the rupee had been weighing on the buyers’ sentiment. Rising US bond yields stoke fears that overseas outflows from rising markets, analysts added.
In the present monetary yr Nifty has given finest return since inception. As of yesterday’s closing, the Nifty has jumped 80 per cent.
As of 1:53 pm, the Sensex was down 541 factors or 1.08 per cent at 49,606 and Nifty 50 index dropped 130 factors or 0.88 per cent to 14,715.
“The market opened on a slightly negative note after yesterday’s rally and the correction continued in the first half following the global cues. US market ended negatively after the US treasury yields hit another high in the market. Asian markets were trading lower following negative cues overnight from Wall Street on bond yield concerns and sliding oil prices. We can expect the Nifty to be in range of 14,500-14,900 for the next few trading sessions. If Nifty breaks above 14,900 we can expect towards 15,200,” Likhita Chepa, senior analysis analyst at CapitalVia Global Research advised NDTV.
Five of 11 sector gauges compiled by the National Stock Exchange had been buying and selling decrease led by the Nifty Bank index’s 1.61 per cent fall. Nifty Financial Services, IT, Media and Private Banking indices had been additionally buying and selling with a detrimental bias.
On the opposite hand, state-run banking, steel, pharma, realty and FMCG shares had been witnessing shopping for curiosity.
Mid- and small-cap shares had been witnessing delicate shopping for curiosity as Nifty Midcap 100 index rose 0.19 per cent and Nifty Smallcap 100 index superior 0.4 per cent.
HDFC Bank was prime Nifty loser, the inventory fell 4.11 per cent to Rs 1,490. HSDFC, Power Grid, Tech Mahindra, Kotak Mahindra Bank, ICICI Bank, Hero MotoCorp, Coal India, Infosys, NTPC, NPCL, Reliance Industries, Bajaj Finance and Eicher Motors additionally declined 0.6-4 per cent.
On the flipside, UPL, Tata Motors, SBI Life, Grasim Industries, Tata Steel, Shree Cements, State Bank of India, ITC and Tata Consultancy Services rose between 1-3 per cent.
