Stocks

Sensex plunges 695 pts on profit-booking; Nifty drops below 12,900

BL Internet Desk Chennai | Updated on November 25, 2020 Published on November 25, 2020

FILE PHOTO - Bombay Stock Exchange   -  BL

All sectoral indices end in red, excepting PSU Bank index which ended 1.80% higher

Closing session

Equity benchmark Sensex tumbled 695 points on Wednesday, tracking heavy profit-booking in index majors HDFC Bank, Infosys and Kotak Bank amid mixed cues from global markets.

After touching a lifetime high of 44,825.37 in opening session, the 30-share BSE index ended 694.92 points or 1.56 per cent lower at 43,828.10.

Similarly, the broader NSE Nifty touched a record intra-day peak of 13,145.85, before ending 196.75 points or 1.51 per cent down at 12,858.40.

Kotak Bank was the top loser in the Sensex pack, falling around 3 per cent, followed by Axis Bank, Sun Pharma, HDFC Bank, Bajaj Finance and Asian Paints.

On the other hand, ONGC, PowerGrid and IndusInd Bank were the gainers.

“Domestic equities witnessed sharp correction today as profit booking was seen across the counters,” said Binod Modi, Head- Strategy at Reliance Securities.

As expected, high volatility was seen ahead of monthly derivatives expiry, he noted.

“Having seen a sharp jump in last couple of trading days, a profit booking was broadly expected,” he added.

Elsewhere in Asia, bourses in Shanghai and Seoul settled in the red, while Tokyo and Hong Kong ended with gains.

Stock exchanges in Europe were also trading on a mixed note in early deals.

Meanwhile, Brent crude futures, the global oil benchmark, was trading 1.15 per cent higher at USD 48.33 per barrel.

 

Update: 2.45 pm

Markets fell in the mid-session today due to sell-off in all sectoral indices with the exception to PSU Bank index.

Initially, equity benchmark Sensex rallied over 300 points on Wednesday, tracking gains in index-heavyweights HDFC twins, Reliance Industries and ICICI Bank amid largely positive cues from global markets and persistent foreign fund inflows.

After touching a lifetime high of 44,825.37 in the opening session, the 30-share BSE index fell to a low of 43,845.86 points. At 2.40 pm, the Sensex was quoted lower by 627.45 points or (-1.18 per cent), at 43,895.44.

Similarly, the broader NSE Nifty touched a record intra-day peak of 13,145.85, then touched a low of 12,866.20 before being quoted at 12,889.95.

ONGC was the top gainer in the Sensex pack, surging around 6 per cent, followed by GAIL, SBI Life, Adani Port, Coal India, SBI, and PowerGrid.

On the other hand, Kotak Bank, Bharti Airtel, Axis Bank, HDFC Bank, Infosys, Tech Mahindra, Asian Paints, Bajaj Finance and Infosys were among the laggards.

 

Update at 11.05 am

Equity benchmark Sensex met with fresh selling at the high point of the day. Initially, the Sensex rallied 221 points higher in the opening session today after taking cues from overnight strong US market and other Asian peers such as Nikkei and Taiwan.

However, profit taking took away all the gains made earlier.

The BSE benchmark index Sensex which rose to a high ot 44,825.37, fell in late morning session to 44,260.90, down by 262.12 points.

It ended yesterday at 44,523.02.

Similarly, On the NSE, the Nifty 50 too rose to a high of 13,145.85, and fell to 12,984.90, down by 70.25 points from yesterday's closing level.

According to traders, domestic indices rallied early on positive sentiment in US stocks as political uncertainty subsided after US President-elect Joe Biden got the formal go-ahead to begin his transition to the White House

Prominent gainers that drove the markets higher initially were ONGC, Bajaj Auto, Tata Motors, ICICI Bank, SBI and Reliance.

However, a few notable losers were Tech Mahindra, Asian Paint, Bajaj Finance, Kotak Bank, HCL Tech, Eicher Motor and Nestle Ind.

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Published on November 25, 2020
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