range bound movement of the market is likely to be broken with an upward move soon, says V.K. Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
Indian stock markets continued to slip during the intraday trade on Friday, dragged down primarily by banks stocks, despite an improvement in crude oil prices and global stocks.
At 12.21 pm S&P BSE Sensex fell by 408.43 points at 27,856.88 and Nifty50 was at 8,132.65 down by 121.15 points.
Among the individual bank stocks, IndusInd Bank the top loser with its loss of 6.59 per cent followed by Kotak Mahindra, ICICI Bank and SBI at 6.16 per cent, 4.99 per cent and 4.45 per cent respectively.
On the other hand, companies like Sun Pharma, ITC, M&M, and ONGC and Bajaj Finance were among the top gainers on the BSE.
The Asian markets were also affected by the growing number of coronavirus cases and deaths worldwide.
The global coronavirus death toll crossed 51,000 late on Thursday with Italy (13,915) and Spain (10,003) accounting for nearly half the fatalities, while the number of cases were fast approaching a million, with the US having over a fifth of them, as per the Johns Hopkins University’s Coronavirus Resource Centre.
Sensex had opened at 28,623.53 and so far touched an intra-day high of 28,639.12 and a low of 27,704.57