Stock Market Live: Sensex trims losses to turn flat, Nifty around 13,750; IT, pharma stocks gain
Stock Market Live: Indian indices trimmed losses to turn flat on Monday as IT and pharma sectors recovered from Morning lows. Heavyweights RIL, L&T, Infosys HDFC Bank and Sun Pharma also contributed to the recovery, however, losses in bank, financials and auto stocks capped the gains.
Opening Bell: Sensex opens over 100 points lower, Nifty below 13,750; financials drag
Indian indices started the week on a negative note, tracking losses in Asian peers mainly dragged by banks and financials. Heavyweights HDFC, Kotak Bank, ICICI Bank, SBI and Axis Bank contributed the most to the losses. At 9:18 am, the Sensex was down 180 points at 46,757 while the Nifty lost 59 points to 13,702. Broader markets were also lower at opening with the midcap and smallcap down half a percent each. All sectors, except Nifty Pharma, were also in the red. The bank, fin servcies and metal sectors fell over 1 percent each. Meanwhile, the auto index was also down 0.9 percent and IT lost 0.5 percent.
Asian shares skid despite US economic stimulus deal
Shares started the week out on a sour note in Asia as worsening coronavirus outbreaks overshadowed news that US lawmakers finally have a deal on more support for American families and businesses. Markets fell in Japan, Hong Kong and South Korea on Monday but rose in Shanghai. Passage of the nearly USD 1 trillion COVID-19 economic relief package was expected later Monday. However, a resurgence of virus outbreaks around the globe has dented optimism that vaccines can bring a swift end to the pandemic. Tokyo’s Nikkei 225 index lost 0.6 percent to 26,613.05 while in Hong Kong the Hang Seng declined 0.5 percent to 26,368.23. South Korea’s Kospi declined 0.6 percent to 2,755.37 and in Australia, the S&P/ASX 200 shed 0.5 percent to 6,643.60. The Shanghai Composite index gained 0.3 percent to 3,406.04. Shares rose in Taiwan but fell in Singapore.
Gold imports dip 40% in Apr-Nov to $12.3 billion
Gold imports, which have a bearing on the current account deficit, fell 40 per cent to USD 12.3 billion during April-November due to fall in demand in the wake of the COVID-19 pandemic, according to data from the commerce ministry. Imports of the yellow metal stood at USD 20.6 billion in the corresponding period of 2019-20. The imports, however, recorded a year-on-year growth of 2.65 per cent in November to USD 3 billion. Silver imports during April-November 2020 too dipped 65.7 per cent to about USD 752 million. The decline in gold and silver imports has helped in narrowing the country’s trade deficit, difference between imports and exports, to USD 42 billion during April-November 2020-21 as against USD 113.42 billion in the year-ago period.
8 Sensex companies’ valuation zoom Rs 1.25 lakh crore; HDFC, TCS lead gainers
Eight of the top-10 most valued domestic companies together added Rs 1,25,229.25 crore in market valuation past week in-line with a bullish broader market trend, with HDFC, TCS and Bajaj Finance emerging as the biggest gainers. Over the past week, the BSE benchmark gained 861.68 points or 1.86 per cent. Only Reliance Industries Limited and Hindustan Unilever Limited witnessed erosion from their market valuation, rest eight companies including HDFC Bank and Infosys made gains. HDFC’s valuation zoomed Rs 32,992.86 crore to Rs 4,46,174.05 crore, making it the biggest gainer. The market capitalization of Tata Consultancy Services (TCS) jumped Rs 29,700.13 crore to Rs 10,74,157.65crore.
For all your investment needs feel free to reach Goodwill.
Give us Missed Call us on 90037 90027 . For Support : 044-40329999