Financials lowered Sensex and Nifty on Friday amidst Mixed Global cues and record rise in Coronavirus cases in USA and India even as\u00a0possibility of a washout quarter for Q1 Corporate earnings dampened investors confidence resulting in the Markets being volatile.<\/p>\n
Global stocks were mixed as USA reported a record number of Coronavirus cases leading to fears of slow economic recovery while Covid-19 cases in India\u00a0rose considerably sending shockwaves to investors. However, on a weekly basis, the benchmark indices gained around 1.5 per cent. The weekly gains\u00a0were mainly due to liquidity and hopes that the virus would be contained soon and businesses would report normalcy soon.<\/p>\n
However, the Markets were volatile on Friday and may continue to remain so, as results of Q1 results of Corporates have started pouring in, experts said.<\/p>\n
Sensex dropped 143 points to close at 36,594 while Nifty shed 45 points to end at 10,768 on Friday,<\/p>\n
Twenty-one of the 30 stocks closed lower. HDFC contributed the most to the benchmark decline and dropped 2.87 per cent. HDFC Bank shed 1.81 per cent.<\/p>\n
ICICI Bank, Axis Bank and Kotak Mahindra dropped 2.75 per cent, 3.14 per cent and 1.36 per cent respectively.<\/p>\n
However, gains in RIL limited the losses for Sensex. The stock registered a new high of Rs 1884.40 after the company said on Thursday night that it had\u00a0launched a fuels and mobility joint venture with global energy major BP. The stock closed 2.95 per cent higher at 1878.50.<\/p>\n
TCS rose 0.78 per cent after the company reported 13.8 per cent decline in June quarter net profit as investors depended on Management\u2019s word that the\u00a0Company may see revenue growth from next quarter.<\/p>\n
BSE Bankex was the top sectoral loser as it shed 2.22 per cent while BSE Finance followed with a 1.95 per cent decline. BSE Energy, on the other hand,\u00a0was the top gainer as it moved upwards by 2.29 per cent.<\/p>\n
YES Bank shed 4.32 per cent. The Bank, which is in the process of launching its First Public Offer to raise Rs 15,000 crore, fixed the floor price of Rs 12 per\u00a0share, a discount of 55 per cent against the previous session\u2019s closing price.<\/p>\n
Punjab National Bank dropped 5.53 per cent after the Bank declared its 3688 crore exposure to bankrupt mortgage lender Dewan Housing Finance Ltd\u00a0as a fraud.<\/p>\n
Firstsource jumped 7.32 per cent as Rakesh Jhunjhunwala hiked stake in Q1.<\/p>\n
Markets are expected to remain volatile for some days as investors may watch surge in Coronavirus cases in India and abroad, direction of global\u00a0Markets and progress on domestic and overseas vaccine for Covid-19 treatment. Investors may also keep a close watch on the Q1 results which have\u00a0started trickling in, experts said.<\/p>\n","protected":false},"excerpt":{"rendered":"
Financials lowered Sensex and Nifty on Friday amidst Mixed Global cues and record rise in Coronavirus cases in USA and India even as\u00a0possibility of a washout quarter for Q1 Corporate earnings dampened investors confidence resulting in the Markets being volatile. Global stocks were mixed as USA reported a record number of Coronavirus cases leading to […]<\/p>\n","protected":false},"author":3,"featured_media":6347,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1,5],"tags":[115,211],"class_list":["post-6372","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy-and-politics","category-markets","tag-nifty","tag-sensex"],"aioseo_notices":[],"yoast_head":"\n