Mumbai, July 8 : Weak global markets and increase in Coronavirus cases across the world ended the five-day winning streak of domestic benchmark indices at BSE and NSE on Wednesday ahead of June quarter earnings session approaching tomorrow.
The Markets were volatile as virus infections were on rise in the country and uncertainty prevailed over economic revival. Market experts were of the opinion that the volatility in Markets would continue for some days and investors would have to watch out stocks performances over the coming days.
Sensex at BSE dropped 346 points to close at 36,329 while Nifty slipped 94 points to end at 10,706.
Altogether 22 Sensex stocks closed lower with RIL being the worst performer going down 1.46 per cent.
Software major Infosys and TCS fell 2.49 per cent and 2.30 per cent respectively ahead of latter’s June quarter earnings announcement amidst fears that it is going to be washout quarter for the Industry in the light of Covid-19 pandemic and subsequent lockdown.
BSE Midcap and Smallcap indices dropped 0.39 per cent and 0.43 per cent respectively. BSE 500 index came down 0.76 per cent.
The top sectoral loser was BSE Realty which dropped 2.05 per cent while BSE IT and BSE Teck shed 1.94 per cent each. Only two sectoral indices — BSE Metal and BSE Healthcare — closed higher, rising 1.70 per cent and 0.51 per cent respectively.
However, Indusind Bank went up 5.06 per cent after media reports said that US-based hedge fund Route One Investment Company is holding talks to increase its stake in the Bank.
Watch and Jewelry Major Titan dropped 2.43 percent as experts said that the outlook for the rest of the year was uncertain even as the company said it has re-opened with 83 per cent of its stores after the lockdown as of June 30.
YES Bank advanced 1.36 per cent after its capital raising committee of the Board of Directors approved raising funds by way of a further public offering.
Among the top Sensex losers were Bajaj Fin down 4,45 per cent, Asian Paints 3.37 per cent and Bajaj Finserv 2.94 per cent.
Among the top Sensex gainer was Indusind Bank which went up by 5.06 per cent, SBI 1.80 per cent and HUL 1.45 per cent.
For the sixth day in succession India reported more than 20,000 coronavirus cases. India’s total Coronavirus cases have increased to 7,42,417. In the last 24 hours a total of 22,752 new cases have been detected. The death toll has increased to 20,642 so far.
Experts said in the next coming days investors would watch out for the rise in Coronavirus cases, direction of Global markets and domestic markets, progress on domestic and overseas vaccines for Covid-19 treatment and the forthcoming June Quarter earnings.
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