07/12/2021

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MARKETS: Sensex plunges 1,400 pts, Nifty tests 17,100; metals, banks bleed

4 min read


Markets at 11 AM

LIVE market updates: The spread of the new Covid variant has spooked the investors who are rushing to shun risky assets.


The BSE Sensex tanked 1,485 points to 57,309 levels while the Nifty50 dropped 424 points at 17,111. Both the indices are down over 2 per cent each. READ WHAT’S WORRYING THE STREET








In the broader markets, the BSE MidCap index shed 2.7 per cent while the BSE SmallCap index declined 2 per cent.


Sectorally, the Nifty Pharma index is still up 1 per cent. Meanwhile, the Nifty Realty index has slipped 5.7 per cent; the Nifty Metal and Auto indices 3.8 per cent each; the Nifty PSU Bank 3.5 per cent; the Nifty Bank index 3 per cent.


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Markets at 10 AM


LIVE market updates: Pharma stocks are the only saving grace in this weak market. The Nifty Pharma index is holding on to its 2.5 per cent gain while all other sectoral indices were languishing in the red.



The BSE Sensex extended its decline and was down over 1,000 points at 57,756 level. The Nifty50 also tanked 295 points and slipped below 17,250. In the broader market, the BSE MidCap index is down over 1.5 per cent.




The market breadth on the BSE is tilted towards declines. Over 1,800 stocks are in the red while 1,100 stocks are up. Volatility index, meanwhile, has surged 8 per cent.




New listing: Despite weak trend in the secondary market, Tarsons Products has managed to eke out slim listing gains. The company debuted at Rs 700 per share on the BSE, up 6 per cent against issue price of Rs 662.




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Opening Bell


LIVE market updates: Mirroring the weak trend in Asian markets, amid the emergence of a new, highly mutated Covid-19 variant, benchmark indices started gap-down on Dalal Street on Friday.



The BSE Sensex tumbled 730 points, or 1.24 per cent, in early deals to quote at 58,065 in morning trade. The NSE Nifty, too, shed 207 points to test 17,300. The indices extended their weakness and hit lows of 57,914 and 17,271, respectively.


Only two stocks — Dr Reddy’s Labs and Sun Pharma — were trading higher on the Sensex. All other 28 constituents were in the red dragged by Maruti Suzuki (down 2.5 per cent), Kotak Bank, HDFC, and Bajaj Finserv.



In the broader markets, the BSE MidCap and SmallCap indices dropped 1 per cent each.


Markets appear to be defensive with only select pharma stocks trading in the green. Overall breadth was favouring sellers in a ratio of 2:1.




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Pre-open session

LIVE market updates:

Equities are trading with sharp cuts in the pre-open session. At 9:05 AM, the S&P BSE Sensex was down 343 points at 58,452 levels. The NSE Nifty, too, fell 234 points at 17,300 level.


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Updated at 8:15 AM

LIVE market updates: Indices may come under pressure on Friday as SGX Nifty is trading over 150 points lower at 17,409 levels.


Going ahead, future growth prospects and faster economic recovery are some of the factors in favour of the bulls, while persistent FII selling, quicker withdrawal of stimulus and change in interest rate trajectory weigh on the market sentiment.


Among individual stocks, Tarsons Products will be in focus today as the stock makes its debut on the bourses. The issue price was fixed at Rs 662 per share.


Global Markets


The US markets were shut for trading on Thursday owing to the Thanksgiving holiday, the trading hours will be shorter for Friday as well. Meanwhile, Brent and WTI Crude declined 0.1 per cent and 0.5 per cent to $82.17 and $78.03 a barrel, respectively.




Asian markets were witnessing a sea of red this morning as the US dollar further strengthened on hopes of a faster rate hike in the US. Japan’s Nikkei had plunged 2 per cent. Straits Times was down nearly a percent. Shanghai Composite, Kospi and Taiwan were down 0.2-0.4 per cent, each.



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