Stocks skid as Covid concerns sour sentiment
时间:2024-09-29 02:36:54 阅读(143)
By Siddhant Mishra
The markets continued their losing run on Thursday as Covid-related concerns from China and Japan continued to weigh on the investor sentiment.
“Markets succumbed to losses for a second straight session as rising Covid cases in China and Japan continued to dampen the sentiment, prompting investors to prune their exposure to metals, auto and realty shares. However, other Asian and European indices maintained their upward bias, which shows that valuations are quite high and the current global uncertainty and other risk factors do not justify higher valuations,” said Shrikant Chouhan, head of equity research (retail), Kotak Securities.
Also Read: Markets Wrap – Thu, 22 Dec ‘22: Stocks dip, rupee rises; Asia, Europe markets, Gold, Crude, Crypto updates
UltraTech Cement led the gains in the Sensex pack, rising 0.84%. Infosys rose 0.75%, Asian Paints gained 0.65% and Kotak Mahindra Bank was up 0.63%.
M&M was the biggest laggard as the scrip fell 2.6%. Other major tech and banking stocks also closed in the red, along with the HDFC twins and Reliance Industries.
The BSE midcap and smallcap indices were down 0.77% and 1.83%, respectively. All sectoral indices, barring the teck, closed in the red. The BSE Teck gained 0.07%.
Also Read: Nykaa, Indigo Paints among 131 BSE stocks fall 52-week lows, 65 BSE stocks hit 52-week highs
A total of 705 stocks advanced on the BSE and 2,858 stocks declined.
UPL was the biggest loser among the Nifty stocks, down 3.5%. M&M, Bajaj Finserve, Eicher Motors and IndusInd Bank shed more than 2%. Sun Pharma gained the most at 0.95%, with SBI Life coming second at 0.86%.
The Bank Nifty was down 0.49%. PNB and Kotak Bank were the only banking stocks to end in the green. Bandhan Bank plunged close to 5% and IDFC First lost 3.5%.
DIIs continued being net buyers, pumping in ₹2,206.59 crore. FIIs, also, turned net buyers on Thursday as they bought equities worth ₹928.63 crore.
“Bears dominated for the second day in a row as rising Covid-19 cases in China weighed on the sentiment. The Nifty traded with a negative bias as market participants await the Q3 GDP revision from the US and the weekly US jobless claims data. The negative takeaway was that the Indian benchmark indices dropped despite no headlines of doom and gloom,” said Prashanth Tapse, senior VP (research), Mehta Equities.
猜你喜欢
- Eight of top 10 firms lose Rs 1
- Year-Ender 2023- AI applications to look out for, now and beyond
- Zepto raises another $31
- ts. Thus we believe that this company is suitable only for investors having a high-risk appetite and a long-term view.”
(The stock recommendations in this story are by the respective research analysts and brokerage firms. FinancialExpress.com does not bear any responsibility for their investment advice. Capital markets investments are subject to rules and regulations. Please consult your investment advisor before investing.)
- F&O expiry outlook September 1- If Nifty breaks 17350, long unwinding may pull index lower, caution advised
- Equity MFs see Rs 15,498-crore inflow in June amid volatile stock market
- Wall Street quiet ahead of more inflation and jobs data following Tuesday rally
- Windfall tax on crude oil, diesel hiked
- Zomato share price up 30% in one month, may rally much more; check target price, rating – buy, sell, hold-