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26 January, 2022 14:18 IST
Sensex plunges 323 points; Nifty closes below 17,450
Source: IRIS | 24 Nov, 2021, 05.31PM
Rating: NAN / 5 stars.
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 Indian markets ended today’s session sharply lower erasing earlier gains. Auto, IT and FMCG stocks led the downfall while banks, financials and oil & gas traded higher. Both Sensex and Nifty traded below 2-month low.

Equity markets opened positive and remained range bound for most part of the session before plunging towards the last hour on account of weak global cues and profit booking - finally ending 0.5% lower. Broader market however ended on a mixed note.

At the close, the benchmark 30-share index, BSE Sensex declined 323.34 points or 0.55% at 58,340.99 with 9 components posting drop. Meanwhile, the broad based NSE Nifty fell by 88.30 points or 0.50% at 17,415.05 with 21 components registering drop.

Biggest gainers in the 30-share index were Kotak Mahindra Bank (1.45%), NTPC (1.42%), ICICI Bank (1.11%), Bajaj Finance (0.73%), Power Grid Corporation Of India (0.62%), HCL Technologies (0.58%) and HDFC Bank (0.10%).

On the other hand, Maruti Suzuki (2.62%), Infosys (2.01%), ITC (1.60%), Reliance Industries (1.48%), Larsen & Toubro (1.47%), Tech Mahindra (1.37%) and HDFC (1.21%) were the biggest losers in the Sensex. Market breadth was negative with 1,956 advances against 1,334 declines.

Global cues were weak as Germany announced considering full Covid lockdown while investors await cautiously ahead of US GDP data and the minutes of the US Fed policy meeting.

"Going ahead, the markets are likely to continue with consolidation given weak global cues, persistent FII selling and premium valuation. In the absence of any fresh trigger and subdued sentiments, investors would await for the fundamentals to catch up with valuations. Market could take direction from the US economic data and US Fed minutes which would be released later today as it fears the pace of tapering to be accelerated which could prepone the interest rate hike cycle. It would also track the Covid situation in Europe which could impact the global economic activities. Monthly F&O expiry tomorrow could add to the volatility," stated Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services. 



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