Benchmark indices face first weekly decline, steepest in 20 weeks
Sensex and Nifty faced their first weekly decline after four weeks of gains on Friday. The Sensex dropped to a low of 72,485 while the NSE Nifty 50 dipped to a low of 21,932.
Sensex and Nifty faced their first weekly decline after four weeks of gains on Friday. The Sensex dropped to a low of 72,485 while the NSE Nifty 50 dipped to a low of 21,932.
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.
Earlier, the Nifty opened deep in the red at 16,924.45 points and slumped to a low of 16,917.25 points in the morning trade. The Nifty rose to a high of 17,092.25 points in the intra-day.
On Monday, Sensex settled at 56,580 points, down 1.1 per cent, whereas Nifty was at 16,985 points, down 1.1 per cent.
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At around 10.30 a.m., S&P BSE Sensex traded at 60,142.17 points, higher by 93.70 points or 0.16 percent from its previous close. Similarly, NSE Nifty50 edged higher.
Selling pressure was witnessed in banking stocks. Fall in the index-heavyweights HDFC Bank and Infosys weighed on the indices.
Sensex gainers were - Reliance Industries skyrocketing nearly 3% followed by L&T surging 1.5%. Stocks like Bajaj Finserv, Bajaj Auto, M&M, and Bajaj Finance climbed more than 1% each.
The top gainers on the Sensex were ONGC, Maruti Suzuki India, and Titan Company, while the major losers were Hindustan Unilever, HCL Technologies, and UltraTech Cement.
The domestic market declined in line with the Asian stocks over concerns of rising cases of Delta variant of Covid-19 and its impact on the global economy.
