Sensex Plunges Over 700 Points; Banking Stocks Lead Losses
The benchmark indices have slipped more than a per cent in the afternoon session to trade near the lows of the day, as fears surrounding the mounting Covid cases came back to haunt the market participants after a four-day rally. At 1:45 pm, the BSE Sensex was trading at 49,064.45, lower by 700.05 points or 1.33 per cent and the NSE Nifty was at 14,715.25, down 163.45 points or 1.30 per cent. The Bank index was the top sectoral loser on the BSE, shedding over 2 per cent.
The BSE Midcap and BSE Smallcap indices however continued to outperform their largecap peers and were trading flat.Â
Meanwhile, India posted a record daily rise in coronavirus cases of 386,452 on Friday, while deaths from COVID-19 jumped by 3,498 over the last 24 hours, according to health ministry data.
On the stock-specific front, the HDFC twins HDFC and HDFC Bank had dived by nearly 4 per cent on the BSE, while ICICI Bank, SBI and Kotak Mahindra Bank shed around 2 per cent each. Hindustan Unilever, Tata Motors and Hindalco were the other significant losers among the BSE stocks.
On the other hand, ONGC, Divi's Lab, Coal India and Grasim bucked the weak trend, registering gains of 1-4 per cent each on the BSE. And Reliance Industries was trading lower by 0.8 per cent at Rs 2007 ahead its results.
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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?
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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.
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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.
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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.
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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.
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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.
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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.
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Everything, Everywhere, All At Once: Dalal Street's Week To Forget | Joining The Dots
Visa curbs, a Starlink spat and cancer drug caps: what connects this week's shocks for Indian markets
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India Is Going Abroad For Critical Minerals. But It May Take Years To Pay Off | The Reason Why
Although India's steps are in the right direction, they remain modest compared with India's growing dependence.
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When Everyone Has AI, What Gives You An Edge?
India's young workforce is entering an uncertain world of work where powerful AI tools are becoming widely accessible. The advantage will belong to those who combine deep expertise with digital fluency, and the distinctly human capabilities that technology cannot manufacture.
