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Puneet Dhawan of Accor is brimming with ideas on ways to revive the hospitality sector
Benchmark indices closed in the red on Wednesday for the first time after ten days, as profit booking emerged in the second half. ITC and Reliance Industries led the declines.
The market volatility was further influenced by the uncertainty regarding the Georgia run-off elections in the United States. The tech-heavy Nasdaq 100 index declined 2 per cent on Wednesday as investors fear a Democrat-controlled Senate may lead to tighter regulations on technology mega-caps.
“Domestic equities witnessed high volatility today and corrected mainly on turning the outcome of Georgia’s run-off elections for two Senate seats in favour of Democrats. Control of Senate by Democrats is likely to result in the reversal of lower tax rates in the US, which may create certain volatility in the market. Volatility index shot up sharply today over 5 per cent at one point of time," said Binod Modi, Head Strategy at Reliance Securities.
The BSE Sensex slipped to 48,174.06 points, down 263.72 points or 0.54 per cent at closing, against previous days close of 48,437.78. Earlier, the index hit an intraday high of 48,616.66 points and slipped to a low of 47,864.14 points.
Similarly, the NSE Nifty closed at 14,146.25 points, down 53.25 points or 0.38 per cent against previous day’s closing of 14,199.50. Nifty hit an intraday high of 14,244.15 points and low of 14,039.90 points.
Reliance Industries, ITC, Axis Bank, Bajaj Finance and HCL Technologies were among the top laggards at the closing. ITC and Reliance declined by about 3 per cent and 2.60 per cent respectively.
However, Powergrid, GAIL, Hindalco Bharti Airtel and ONGC were among the top gainers on the stock market on Wednesday.
A continued buying was seen in financials and metals stocks, whereas IT, FMCG and Pharma stocks were in pressure, said Modi.
Sahaj Agrawal, Head of Research- Derivatives at Kotak Securities, said, “There has been a shift in positions/interest from frontline stocks to the midcap space which usually is followed by a correction. FMCG stocks look attractive while metals and banking are expected to witness volatility. Traders are advised to keep leverage in control while investors can wait for a meaningful dip to buy aggressively.”
Among the sectors, finance stocks were down 1.06 per cent; Nifty Pharma was down by 0.37 per cent to 13,118.10 points; and Nifty IT closed at 25,419.15 points, down 1.36 per cent.
“Considering ongoing economic recovery and persistent weakness in dollar with soft monetary policies across the world, FPIs flow should continue to remain supportive for Indian equities" Modi added.
Puneet Dhawan of Accor is brimming with ideas on ways to revive the hospitality sector
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