Markets shed intraday gains in the last hour
Mumbai - Profit booking made the market end on a negative note in today's trading session. In the last hours of the intraday trades, the benchmark indices ended with marginal loss and erased all the intraday gains.
Sensex closed 81.48 or 0.26% lower at 31561.22 while Nifty closed 12.30 points lower or 0.13% at 9239.20. Strong bullish trend was seen in the auto sector which made the auto index to rise 4% on the Nifty in the intraday trade. During the trading session 1084 shares registered growth while 1280 shares posted losses, and 186 shares remained unchanged.
In the automobile sector, Hero MotoCorp was top gainer in the Nifty 50 index registering a rise of 6 percent to close at Rs 2,082, whereas Tata Motors, Bajaj Auto, and Maruti Suzuki also ended on a positive note. Other shares that registered gains today included Bharti Infratel, Grasim Industries, and Vedanta.
Bad news continued for the banking sector and Nifty Bank and Nifty Fin Services fell more than 1.5 percent each. Due to the COVID-19 outbreak there are rising expectations of financial institutions reporting a rise in loan defaults.
Top losers of the day included ICICI Bank that lost its value by 4.6 percent after the report of 26 percent jump in the company’s net profit at Rs 1,221.36 crore for the 4th quarter of FY20. Other losers in the banking space included Kotak Mahindra Bank, HDFC Bank, State Bank of India, and IndusInd Bank.
Outside the banking sector, other losers included Bharat Petroleum, Hindustan Unilever, Dr Reddy's Labs, Nestle India and Tech Mahindra.In the Midcap, RIL jumps 84%
On Monday, RIL reclaimed Rs. 10 lakh crore in terms of market capitalization. The company recovered 84%, which nearly hit the intraday high in the midcap at Rs. 1614.85 from a low of 52 weeks.
The strong rebound of the company developed the confidence of the buyers, so strong buying was seen in the stock in the intraday session. RIL on the Dalal Street performed its best today after the management efforts to make the company debt-free despite the ongoing COVID-19 pandemic
INR ends lower against USD
On Monday, Indian rupee slipped 19 paise to close at 75.73 against the US dollar because of the strengthening of the American currency, and the rising cases of the coronavirus in the country weighed on the investor's sentiments.The India rupee opened at 75.55 later grounded and settled at 75.73 against the American currency, and it was 19 paise down. The positive domestic equities supported the local unit, and the participants are concerned about the increasing cases of coronavirus in the economy, which is pulling down the economy.
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