Indian stock market ended the day in red; with Nifty and Sensex crashing by more than 4 % each .Bank stocks and financial stocks were the top losers in today’s trade.Pharmaceuticals major Cipla and Dr Reddy closed the day with 2 to 6 % gain.
Both Nifty and Sensex started day on a negative note following global clues and spreading corona virus. Nifty opened 3 % lower while Sensex nearly 2% lower today. It tried to cut its losses in the initial few hours of trading but was not able to sustain above crucial levels. Nifty saw resistance around 8560 and Sensex around 29500.
|Nifty||8,385.95||8,576.00||8,244.00||8,281.10 (-379.15) / -4.38%|
|Sensex||29,226.55||29,497.57||28,290.99||28,440.32 (-1375.27) / -4.61%|
Financials and banking stocks were the worst hit. Investors’ favourite financials stocks Bajaj finance and HDFC crashed by more than 10%.Banking stocks especially Kotak, HDFC bank and ICICI bank lost 7-8 %. Bank Nifty closed 1,209.30 down with 6% cut.
Auto and realty index also lost nearly 5 % of its value.Eicher Motors and TVS Motor hit a new 52 weeks low in today’s trade.
Pharmaceutical and FMCG indices closed in green led by Cipla, Dr Reddy, Emami , Colgate and Nestle India.
Corona Virus cases are gradually showing uptrend in India .Currently India have 1,161 infected cases and 28 deaths are reported till today. India is doing relatively good if we consider number of infected patients per million population. India’s count of 0.92 cases per million is least among top 10 countries in the world by GDP. But the stock market is reacting negatively due to fear of further increase in the Corona infection and negative impact on growth due to 21 days lockdown.