Sensex Slumps Over 1,000 Points From Day's High; Banks Under Pressure
The S&P BSE Sensex and NSE Nifty 50 indexes erased intraday gains in afternoon trading owing to weakness in heavyweights like HDFC, HDFC Bank, Kotak Mahindra Bank, Maruti Suzuki and Hero MotoCorp. The Sensex slumped as much as 1,064 points from day's highest level and Nifty fell below the 9,000 mark. Earlier in the day, the Sensex surged as much as 878 points and the Nifty 50 index touched an intraday high of 9,261. The surge in morning deals came on the back of positive global cues. However, profit booking at higher levels led to correction in the benchmarks, analysts said.
As of 2:26 pm, the Sensex was down 0.9 per cent or 306 points at 30,377 and the NSE Nifty 50 index was at 8,926, down 64 points or 0.6 per cent.
Meanwhile, some industries in rural areas will be allowed to reopen after April 20 to reduce hardships for millions because of a prolonged lockdown to slow the spread of coronavirus, the government said today, a day after Prime Minister Narendra Modi extended the nationwide lockdown till May 3. The Prime Minister had also said restrictions would be relaxed after a week in the least infected parts of India.
On Dalal Street, banking and auto shares were witnessing selling pressure; the Nifty Financial Services, Bank, Private Bank and Auto sector gauges turned negative. On the other hand, Nifty FMCG index was top gainer, up 4 per cent.
Mid- and small-cap shares were outperforming their larger peers as the Nifty Midcap 100 and Nfty Smallcap 100 indexes were up 2 per cent each.
Kotak Mahindra Bank was top loser in the Nifty 50 basket of shares; the stock fell 6.7Â per cent to Rs 1,166. HDFC Bank, Maruti Suzuki, Hero MotoCorp, Bajaj Finance, Zee Entertainment, Mahindra & Mahindra, HDFC, Bharti Infratel and Grasim Industries were also among the other losers.
On the flip side, UPL was top gainer;Â the stock surged 9.5 per cent to Rs 356. Britannia Industries, Shree Cements,ITC, Adani Ports and UltraTech Cement were among the other gainers.
The overall market breadth was positive as 1,148Â shares were advancing while 613Â were declining on the NSE.
-
High US Salaries, No Green Card Certainty: The Financial Calculation Facing Indian H-1B Families
The suspension of PERM processing at eight technology employers does not cancel existing H-1B visas. What it does is force a question many Indian families have been avoiding: is the US salary worth tying your career and family plans to one employer?
-
Swiggy vs Eternal: Food Delivery's Two Rivals Are No Longer In The Same Race
Eternal is building a private AI assistant, dark.ai. Swiggy is still working out how to make Instamart pay, with an operating loss of Rs 895 crore in the July-September quarter while Blinkit stayed profitable.
-
Where You Live Shapes How You Get To Work | The Reason Why
Two-wheelers are the most popular way to get to work in India, accounting for nearly 43% of workplace commutes.
-
Unhedged Position: Can India See An Indonesia-Style Time Correction?
The Nifty is trading below levels it first clocked in 2024. Is there, then, as I have suggested in the headline, potential that the current time correction drags on painfully for the next three-five, even ten years?
-
Navigating Friction And Energy Realities: An Analysis Of Marco Rubio's October Visit To India
Occurring at a critical juncture marked by stalled trade negotiations and escalating geopolitical pressures over global energy supplies, the visit offers a profound window into modern US-India relations.
-
India Exports Capital. Why Not Export Trusteeship?
The big question, then, is whether India can build an institution that global borrowers, investors, banks, and lawyers can trust, even without an Indian connection.
-
France's Economy & Politics Are In Crisis | The Reason Why
Let's look at how the French economy and politics evolved under Nicolas Sarkozy, Franois Hollande and Emmanuel Macron.
-
You May Inherit The Business. You Must Earn Its Credibility.
Succession tests the founder's ability to share authority as much as it tests the next generation's readiness to assume it.
-
Signing Deals Is One Thing; Making Them Work Is Another | The Week In Whys
Sometimes, things don't turn out as planned. Indian companies have lost some bids to rivals, some projects won't produce until 2030.
-
FOMC Wall, PERM Suspension, Hospital Stocks | Talking Points This Week
A PERM suspension would directly affect green-card sponsorship rather than H-1B visas, so the near-term earnings impact could remain relatively limited. The key question is whether this marks a new phase in US scrutiny of Indian IT.
