Udayavni Special

Sensex skids for third day on COVID headwinds; RIL, HDFC twins top drags


Team Udayavani, May 4, 2021, 5:30 PM IST

Mumbai: Market benchmark Sensex surrendered early gains to finish in the red for the third consecutive session on Tuesday following brisk selling in frontine stocks. The grim COVID-19 situation and continued selling by foreign funds has sapped risk appetite, traders said.

After a gap-up opening, the 30-share BSE index succumbed to profit-taking in afternoon trade to finish at 48,253.51, down 465.01 points or 0.95 per cent.

On similar lines, the broader NSE Nifty slumped 137.65 points or 0.94 per cent to close at 14,496.50.

Dr Reddy’s was the top loser among the Sensex constituents, retreating 2.26 per cent, followed by Reliance Industries, Sun Pharma, HDFC twins, Infosys, M&M and Bharti Airtel.

On the other hand, ONGC, Bajaj Finance, TCS, SBI, Kotak Bank and Nestle India were among the gainers, climbing up to 1.86 per cent.

“Indices lost a percentage on Tuesday as the street punished earnings disappointment in several high-quality midcaps. Afternoon trade witnessed profit-taking in metals and pharma names as the street exhibited nervousness on regional lockdowns which accentuated the weakness.

“In the broader market, paper stocks were sought after today on hardening pulp prices while coffee producers saw investor appetite,” said S Ranganathan, Head of Research at LKP Securities.

Binod Modi, Head Strategy at Reliance Securities, said the mounting uncertainty led by rise in second wave of COVID-19 cases weighed on investor sentiment.

While a persistent increase in daily caseload in several states is still a matter of concern, visible modest decline in new cases in many parts like Maharashtra and Delhi offers comfort, he added.

The total tally of coronavirus cases in the country mounted to 2,02,82,833 with 3,57,229 new infections being reported in a day, while the death toll increased to 2,22,408 with 3,449 new fatalities, according to the Union Health Ministry data updated on Tuesday.

Sectorally, BSE healthcare, energy, telecom, consumer durables, auto and basic materials indices lost as much as 1.50 per cent, while oil and gas, utilities and capital goods ended with gains.

Broader BSE midcap and smallcap indices fell up to 0.57 per cent.

Global markets were mixed as investors wagered on a strong economic rebound even as many countries see an unabated rise in COVID-19 cases.

Elsewhere in Asia, bourses in Hong Kong and Seoul ended on a positive note. Stock exchanges in Shanghai and Tokyo were closed for holidays.

Equities in Europe gave up initial gains to trade mildly lower in mid-session deals.

Meanwhile, international oil benchmark Brent crude was trading 1.79 per cent higher at USD 68.77 per barrel.

The rupee gained for the second straight day and closed 10 paise higher at 73.85 against the US dollar on Tuesday.

Foreign institutional investors were net sellers in the capital market on Monday as they sold shares worth Rs 2,289.46 crore, as per exchange data.

Udayavani is now on Telegram. Click here to join our channel and stay updated with the latest news.

Top News

Karnataka now first in country in active COVID-19 cases

Fully vaccinated people in US not required to wear masks: CDC

Peak will come, Covid-19 can emerge again, says Centre

Bantwal: Case registered against COVID-19 +ve man for attending marriage

No weekend Curfew in DK; lockdown-like restrictions remain

EC to set up ‘core committee’ to identify shortcomings during recently-held assembly polls

Task Force set up to oversee preparation for probable third wave of COVID-19: BSY



Related Articles More

Garudavega ships oxygen concentrators to India

Ethereum founder donates USD 1.14 Billion in crypto to India

India received USD 83 billion in remittances in 2020: World Bank report

Reliance Jio adds 4.2 million subscribers in February: Trai data

Microfinance sector seeks RBI’s additional support to combat COVID-19 second wave

MUST WATCH

Covid Impact on the Sandalwood Industry

Groom Plays The Band At His Own Wedding

Outrage at Dictatorial Attitude: Mass Resignation from Doctors in Unnao

BMTC launches Oxygen Bus Service

Vaccines only for 45+ age group in Karnataka

Latest Additions

Karnataka now first in country in active COVID-19 cases

Fully vaccinated people in US not required to wear masks: CDC

Peak will come, Covid-19 can emerge again, says Centre

Israel begins firing shells into Gaza as fighting escalates

Bantwal: Case registered against COVID-19 +ve man for attending marriage

Thanks for visiting Udayavani

You seem to have an Ad Blocker on.
To continue reading, please turn it off or whitelist Udayavani.