Business Sensex drops over 150 pts in early trade; Nifty...

Sensex drops over 150 pts in early trade; Nifty tests 14,500 | Markets News

-


Mumbai: Equity benchmark Sensex dropped over 150 points in early trade on Thursday led by heavy selling in index-heavyweights Infosys, HCL Tech and Asian Paints.

The 30-share BSE index was trading 154.21 points or 0.31 percent lower at 49,338.11.

Similarly, the broader NSE Nifty fell 47.45 points or 0.33 percent to 14,517.40 in opening deals.

According to traders, profit-booking at higher levels is keeping benchmark indices volatile.

HCL Tech was the top loser in the Sensex pack, shedding around 4 percent, followed by Infosys, Tech Mahindra, Asian Paints, UltraTech Cement and Bajaj Finance.

On the other hand, IndusInd Bank, ITC, L&T, Bajaj Auto and Kotak Bank were among the gainers.

In the previous session, Sensex ended 24.79 points or 0.05 percent lower at 49,492.32, while Nifty inched up 1.40 points or 0.01 percent to its fresh closing record of 14,564.85.

Foreign portfolio investors (FPIs) were net buyers in the capital market as they purchased shares worth Rs 1,879.06 crore on Wednesday, as per exchange data.

On the earnings front, Infosys on Wednesday posted a 16.6 percent rise in consolidated net profit at Rs 5,197 crore for the December 2020 quarter, and increased its revenue growth guidance for FY21 to 4.5-5 percent on the back of large project wins and strong deal pipeline.

Live TV

#mute

“We believe underlying strength of the market remains intact and any correction in the market will be bought out. Sustained recovery in key economic data for Dec’20, better-than-expected 3QFY21 corporate earnings so far and upbeat management commentaries continue to augur well for the market,” said Binod Modi Head-Strategy at Reliance Securities.

US stocks mostly finished marginally higher as investors remained focused on higher fiscal stimulus from US president-elect Joe Biden’s administration.

“However, development around the possible impeachment of president Donald Trump is unlikely to have any meaningful impact on markets. Further, remarks by Fed’s Brainard about continuity of broad-based bond buying program for quite sometimes offered comfort to equities,” he added.

Elsewhere in Asia, bourses in Hong Kong, Seoul and Tokyo were in the positive territory, while Shanghai was in the red.

Meanwhile, the global oil benchmark Brent crude was trading 0.32 percent lower at USD 55.88 per barrel. 





Source link

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Latest news

NBFCs seek continued liquidity support in upcoming Budget | Economy News

Mumbai: Non-banking finance companies expect the government to provide continued liquidity support by encouraging banks to lend more...

Norwegian welcomes financial support of Norway government | News

The government of Norway has confirmed it will support low-cost carrier Norwegian through a contribution to new funding...

Qatar Airways expands Iberia codeshare partnership | News

Qatar Airways has signed an expanded codeshare agreement with oneworld partner Iberia. The agreement will enhance connectivity between...

Twitter account of Chinese Embassy in US locked over tweet on Uyghur women | World News

New York: Twitter has blocked the account of Chinese Embassy in the US over its earlier tweet which...

Singapore Airlines to launch Covid-19 testing trial | News

All passengers flying Singapore Airlines outbound from Singapore and Indonesia (bound for Singapore) will be able to book...

Budget 2021: Income or no income, you are bound to pay THIS tax to government; Know how and why | Personal Finance News

New Delhi: As Finance Minister Nirmala Sitharaman is soon going to announce the Union Budget 2021, a lot...

Must read

NBFCs seek continued liquidity support in upcoming Budget | Economy News

Mumbai: Non-banking finance companies expect the government to...

Norwegian welcomes financial support of Norway government | News

The government of Norway has confirmed it will...

You might also likeRELATED
Recommended to you

en English
X