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Before trading, please ensure that you fully understand the risks involved
Trading in financial markets involves significant risk of loss which can exceed deposits and may not be suitable for all investors. Before trading, please ensure that you fully understand the risks involved

Thursday, July 30, 2020

Khaleej Times - Sensex ends 335 points lower as markets extend losses

by Century Financial in Century in News

Khaleej Times -  Sensex ends 335 points lower...

Indian stock markets extended losses to a second straight session on Thursday led by selloff in financial, energy and metal stocks.

The S&P BSE Sensex index dropped as many as 707.61 points from an intraday high of 38,413.81 to hit 37,706.20 on the downside in late afternoon deals.

The broader NSE Nifty 50 benchmark slumped to as low as 11,089.55, having earlier risen to as high as 11,299.95 compared to its previous close of 11,202.85.

The Sensex ended 335.06 points - or 0.88 per cent - lower at 37,736.07, and the Nifty settled at 11,102.15, down 100.70 points - or 0.90 per cent - from its previous close.

Bharat Petroleum, IndusInd Bank, Indian Oil, HDFC and Axis Bank - ending between 3.15 per cent and 7.93 per cent lower - were the worst among the 37 stocks in the 50-scrip Nifty basket that declined. On the other hand, Dr Reddy's Laboratories, Sun Pharmaceutical Industries, Wipro, Vedanta and Maruti Suzuki India - closing with gains of between 1.21 per cent and 4.60 per cent - were the top Nifty gainers.

HDFC, HDFC Bank and ICICI Bank were the top drags on the Sensex, accounting for a loss of more than 200 points in the index. Volatility set in as investors rushed to settle their positions ahead of the expiration of monthly derivative contracts due by the end of the session, say analysts, reported Indian media.

In the early trading, mixed global market cues had led to rise in trading and Nifty50 and BSE Sensex both were up by 0.55 per cent. "In Nifty50 gain was led by Parma and IT stocks like Wipro was up by 3.35 per cent, TCS is up by 2.60 per cent and Dr Reddy is up by 3.90 per cent. Wipro stock climb consecutively third day after the announcement of collaboration with Google cloud for SAP footprint. Among the sectoral indices IT was up by 1.67 per cent, Pharma was up by 1.95 per cent and Auto was up by 0.60 per cent," said Yogesh Khairajani, global market strategist, Century Financial.

Meanwhile, Indian rupee fell 4 paise to close at 74.84 (provisional) against the US dollar to quote at Dh20.39 on Thursday tracking weak domestic equities and strong US currency. At the interbank forex market, the rupee opened at 74.84 and during the session fluctuated between an intra-day high of 74.80 and a low of 74.88 against the US dollar. The Indian currency finally closed at 74.84 against the greenback, down 4 paise over its previous close 74.80.

Forex traders said rupee was trading on a muted note after the US Federal Reserve reiterated its dovish stance and held interest rates steady. Further, weak domestic equities weighed on investments sentiments. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, rose 0.13 per cent to 93.57.

"USDINR is appreciated by 0.13 per cent to 74.85 after appreciating to 74.9475 in previous session against US Dollar. Dollar Index is up by 0.18 per cent to 93.40 and got support against major currencies amid going on negotiation on US stimulus package with no clear development and FED shows concern over economy due to rising Covid-19 cases," added Khairajani.

Source: Khaleej Times

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