Indices recoup early losses, end flat amid volatility

Our Bureau | Updated on July 24, 2020

Benchmark indices came off the day's lows erasing most of the intraday losses. Both the Sensex and the Nifty have ended almost flat with Nifty closing below the 11,200 mark.

The market fell sharply early tracking losses in other Asian markets such as Nikkei and Hang Seng.

However, indices steadily recouped losses later in the day due to some fresh buying amid short covering in IT, Energy and telecom stocks.

According to traders, domestic market turned weak as negative news flow from the US spurred concerns over global economic recovery.

The BSE 30-share index ended lower by 11.57 points at 38,128.90, and the NSE Nifty has shed 17.70 points, or 0.16 per cent, to 11,197.75.

After opening weak at 37,949.59, the Sensex touched an intraday low of 37,748.41, before recouping its losses.

HCL Tech was the top gainer in the Sensex pack, rallying over 4 per cent, followed by Reliance, Tech Mahindra, Indus Ind Bank, Sun Pharma and Infosys.

On the other hand, Axis Bank, SBI, ICICI Bank, ONGC, HDFC, Kotak Bank, Bajaj Finserv were the big losers.

The Nifty Bank index fell 1.77% to 22,675.15 dragged by losses in Axis Bank, SBI, Punjab National Bank, Bandhan Bank, ICICI Bank, Kotak Mahindra Bank and HDFC Bank.

On the BSE, the decliners have outnumbered the advancers. Out the 2,796 shares traded today, the decliners were more at 1,584, and the advancing scrips were lesser at 1,069. Scrips that remained unchanged were at 143.

Buzzing stocks

Spicejet rose 1.42% to Rs 50.15 on the BSE after the budget air carrier said it was designated as Indian scheduled carrier to operate on agreed services between India and the UK.

Bank of Maharashtra jumps 5 per cent

Bank of Maharashtra share price jumped over 6 per cent intraday today after the bank reported its June quarter numbers yesterday. The stock ended 4.50 higher at Rs 12.40 on the BSE.

It reported a 25 percent jump in net profit at Rs 101 crore for the first quarter of 2020-21 financial year as bad loans came down. The Pune-headquartered lender posted a net profit of Rs 81.09 crore in the year-ago quarter.

Rupee down

Indian rupee ended marginally lower at 74.83 against the dollar, amid weakness in the domestic equity market. It opened 19 paise lower at 74.94 against Thursday's close of 74.75.

Published on July 24, 2020

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