Sensex closes 746 points lower, Nifty gives up 14,400 amid global selloff
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The crash wiped off Rs 2.09 lakh crore in investors wealth on Friday.
NEW DELHI: Bears dominated the session on Friday taking benchmark indices lower for the second day on a trot, dragged by a selloff in global markets, and as investors were spooked by poor Q3 numbers from some financial companies.
The market has in recent days been volatile as stretched valuations are worrying investors. This is despite FIIs remaining bullish on India like never before. Analysts believe some consolidation is likely before another rise.
The 30-share pack Sensex dropped 746.22 points or 1.5 per cent to close at 48,878.54. Its broader peer NSE Nifty slid 218.45 points or 1.50 per cent to settle at 14,371.90.
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NEW DELHI: Domestic benchmark equity indices continued to trade in the negative for the second day today led by selling in financials and pharma counters amid mixed domestic and global cues.
FII buying has been the mainstay of the current rally, pushing it to record highs. Better than expected Q3 numbers so far has also helped the sentiments. However, analysts believe the market is likely to consolidate now. This has been a buy on dips market for months now. Sustained FII buying has been the main catalyst behind this strategy. Of late, better than expected corporate results have been supporting this strategy. Nothing warrants a change in this strategy now. But the market is likely to move into a consolidation phase for the short-term since the big news regarding the US presidency is behind us and the milestone of 50,000 Sensex was reached, said VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
Stocks in the news | L&T Technology, Axis Bank, Bajaj Finance, Kirloskar Oil Engines, Laurus Labs
Aditya Birla Fashion, Havells India, GMM Pfaudler, Phillips Carbon Black, Zodiac Clothing, VST Industries, HDFC AMC, Everest Industries, Indo Rama Synthetics, are also among the stocks in focus today. Here are some of the stocks in the news today. L&T Technology Services | The company reported a profit of Rs 186.1 crore in Q3 FY21 against Rs 165.5 crore in Q2 FY21, revenue rose to Rs 1,400.7 crore from Rs 1,313.8 crore QoQ. (Image: Youtube) Axis Bank | Competition Commission of India approved the acquisition of a stake in Max Life Insurance by Axis Bank, Axis Capital and Axis Securities.
Synopsis
Asian markets rose on Thursday after US stocks closed at record highs on hopes that newly inaugurated U.S. President Joe Biden would put in place further economic stimulus to offset damage wreaked by the COVID-19 pandemic.
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Finance ministry is in talks with the market regulator Sebi and they are exploring the broad contours of the proposed product.
Joe Biden s swearing in as the US President sent global stocks rising overnight and this morning. Domestic stocks may also take a cue, and Nifty futures trading in Singapore showed some bouyancy. Here’s breaking down the pre-market actions:
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Nifty futures on the Singapore Exchange traded 62.5 points, or 0.43 per cent, higher at 14,706.50 , in signs that Dalal Street was headed for a positive on Thursday. Here are a few stocks which may buzz the most in today s trade:
Asian Paints,
Bajaj Auto: Asian Paints, Bajaj Auto, SBI Card, Bandhan Bank,
Biocon, Mphasis, Kajaria Ceramics, MCX and Mphasis are some of the companies which will announce their Q3 results today.
Axis Bank: Fair trade regulator Competition Commission of India (CCI) said it has approved the stake acquisition in Max Life Insurance Company by Axis Bank, Axis Capital and Axis Securities.