Sensex Sheds Nearly 200 Points, Nifty Below 16,250
Sensex, Nifty: Benchmark indices had managed to cut down some initial losses by afternoon
The benchmark indices are trading lower this afternoon, albeit off the lows of the days, due to weakness in cement, auto, pharma and financial shares. The BSE Sensex was down by 191 points at 54,363 and Nifty is below the 16,250 mark at 16,248.10, down 38 points. The broader markets are also trading weak, with the midcap and smallcap indices losing 0.18 per cent and 0.8 per cent respectively.
BSE metal index went up by more than two per cent, while the oil and gas index traded with nominal gains. The remaining sectoral indices faced losses as realty, consumer durables and healthcare shares fell. And the Nifty Bank index was down by 209 points at 35,824 points. Among the top individual stock losers were Shree Cement, Bajaj Auto and Kotak Mahindra shares. Shree Cement's stock was down by 2 per cent to stand at Rs 26,477. Bajaj Auto was down 1.9 per cent to stand at Rs 3,721, while Kotak Mahindra's stock was down by 1.7 per cent to trade at Rs 1,780.
On the other hand, steel sector stocks were among the top gainers as Tata Steel and JSW Steel witnessed significant growth. JSW Steel's stock was trading at Rs 748, up by 3.5 per cent, Tata Steel's stock was trading at Rs 1,419, having gained by a significant 3.3 per cent, while Hindalco's share price also saw a 2.1 per cent gain at Rs 437.
Analysts noted that the markets continue to trade within a small range; however, the overall sentiments are positive as Government has indicated that the second wave of the Coronavirus pandemic did not have much impact on businesses.
Today is also the last day to subscribe to CarTrade Tech and Nuvoco Vistas Corporation IPOs, while initial offers of Chemplast Sanmar and Aptus Value Housing Finance India have entered the second day of their sale.