HomeBusinessSensex, Nifty Snap Three-Day Record Breaking Streak On Profit Booking

Sensex, Nifty Snap Three-Day Record Breaking Streak On Profit Booking

Sensex, Nifty Snap Three-Day Record Breaking Streak On Profit Booking

The S&P BSE Sensex and NSE Nifty 50 indexes snapped their three-day record-breaking streak as traders booked income in current outperforming state-run banking, steel, data expertise, FMCG and pharma shares forward of the weekend as volatility spiked. Earlier within the day, Sensex rose as a lot as 596 factors to hit an intraday excessive of 59,737.32 and Nifty 50 index touched an all-time excessive of 17,792.95. The Sensex fell as a lot as 866 factors from file excessive and Nifty touched an intraday low of 17,537.65. India VIX, the worry index rose over 7 per cent.

The Sensex declined 125 factors or 0.2 per cent to shut at 59,015.89 and Nifty 50 index fell 44 factors or 0.25 per cent to finish at 17,629.

“Nifty witnessed a small correction and failed to hold the level of 17600. The market data suggests that 17,450-17,500 will be an important support zone for Nifty to stay positive in the short term. If the market is able to sustain the level of 17,450-17,500, market can witness levels of 17,850,” mentioned Ashis Biswas, head of technical analysis at CapitalVia Global Research.

Selling stress was broad-based as 9 of 15 sector gauges compiled by the National Stock Exchange ended decrease led by the Nifty PSU Bank index’s practically 3 per cent decline. Metal, Realty, Healthcare, Pharma, Oil & Gas, Information Technology and FMCG indices additionally fell between 0.5-2.4 per cent.

On the opposite hand, Nifty Bank, Financial Services, Media and Private Bank indices ended greater.

Mid- and small-cap shares witnessed intense promoting as Nifty Midcap 100 index dropped 1.3 per cent and Nifty Smallcap 100 index fell 0.73 per cent.

Among the person shares, Bengaluru-based Biocon rose as a lot as 5.75 per cent to hit an intraday excessive of Rs 398.60 on the BSE after the corporate mentioned that its materials subsidiary – Biocon Biologics (BBL) – has entered right into a strategic alliance with Serum Institute Life Sciences (SILS), an entirely owned arm of Serum Institute of India.

Shares of Indian airways InterGlobe Aviation and SpiceJet surged on Friday after regulatory information confirmed that passenger progress jumped 136.6 per cent final month as the federal government began to ease COVID-related journey restrictions.

Tata Steel was prime Nifty loser, the inventory fell 3.76 per cent to shut at Rs 1,383. Coal India, State Bank of India, TCS, Hindalco, UPL, Reliance Industries, Sun Pharma, HDFC Life, Tata Motors, Hindustan Unilever, Dr Reddy’s Labs, Asian Paints and Bharat Petroleum additionally fell between 1-3.5 per cent.

On the flipside, Kotak Mahindra Bank, HDFC Bank, Bharti Airtel, Eicher Motors, Maruti Suzuki, Axis Bank, SBI Life, Nestle India, Bajaj Finserv and Bajaj Auto had been among the many gainers.

The general market breadth was extraordinarily adverse as 2,064 shares ended decrease whereas 1,232 ended greater on the BSE.

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