Rediff.com  » Business » Sensex tanks 470 points; Nifty drops below 14,300

Sensex tanks 470 points; Nifty drops below 14,300

Source: PTI
Last updated on: January 18, 2021 17:47 IST
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ONGC was the top loser in the Sensex pack, shedding around 5 per cent, followed by Sun Pharma, PowerGrid, Bajaj Finance, IndusInd Bank, Dr Reddy's and Maruti.

On the other hand, Reliance Industries, Titan, HDFC Bank and ITC were the gainers.

Equity benchmarks wilted under selling pressure for the second consecutive session on Monday as investors stayed on the back foot amid lacklustre global cues.

A sharp drop in the rupee further sapped risk appetite, though gains in market heavyweights RIL and HDFC Bank cushioned the fall.

After a choppy session, the 30-share BSE Sensex ended 470.40 points or 0.96 per cent lower at 48,564.27.

 

Similarly, the broader NSE Nifty tumbled 152.40 points or 1.06 per cent to 14,281.30.

ONGC was the top loser in the Sensex pack, slumping 4.59 per cent, followed by Sun Pharma, IndusInd Bank, PowerGrid, Bajaj Finance, Bajaj Finserv, SBI and NTPC.

Only four index stocks closed in the green -- Reliance Industries, Titan, HDFC Bank and ITC, climbing up to 2.37 per cent.

HDFC Bank spurted 1.15 per cent after the country's largest private sector lender on Saturday reported a 14.36 per cent jump in consolidated net profit to Rs 8,760 crore for the December quarter, driven by a surge in core income.

Global markets retreated as rising COVID-19 cases clouded optimism over economic recovery, even as Chinese shares rose after positive GDP data.

"Domestic equities witnessed pullback for second consecutive day as weak global cues continued to weigh on investors' sentiments...While underlying strength of markets remains intact considering rebound in key economic data, sustained growth in corporate earnings in 3Q FY21 with upbeat managements' commentaries and commencement of vaccination process.

"Additionally, favourable monetary policies of global central bankers, weak dollar and large fiscal stimulus in the US are expected to ensure sustain FPIs flow in domestic equities.

“However, for the week market is expected to be volatile ahead of some crucial global events.

“Further, as Union Budget is just two weeks away, rotational trading might be visible in the market," said Binod Modi, head - strategy at Reliance Securities.

BSE metal, utilities, telecom, healthcare, basic materials, auto and power indices lost up to 4.14 per cent, while energy and consumer durables ended higher.

Broader BSE midcap and smallcap plummeted up to 2.01 per cent.

Elsewhere in Asia, bourses in Shanghai and Hong Kong ended in the positive zone after China posted 6.5 per cent GDP growth in the fourth quarter.

The Chinese economy expanded 2.3 per cent in the pandemic-ravaged 2020, while almost all other major economies are expected to contract.

Bourses in Seoul and Tokyo closed in the red.

The rupee dived 21 paise to finish at 73.28 against the US dollar.

Photograph: Shailesh Andrade/Reuters

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