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Indian equities ended lower for the fifth straight day as benchmark indices looked for support at lower levels. Highest addition to new Covid-19 cases in the last three months, a spike in U.S. bond yields and volatility related to the weekly options expiry kept sentiment risk-off.
The S&P BSE Sensex ended 1.2% lower at 49,216 while the NSE Nifty 50 fell 1.1% in today's session to end at 14,557. The Sensex has declined over 2,000 points over the last five trading sessions while the Nifty has seen a correction of over 600 points.
Losses in today's session were led by technology stocks along with drugmakers. The Nifty I.T. index was the top sectoral laggard, ending 3.1% lower while the Nifty Pharma index declined 2.3% at the close of trading. The PSU Bank index fell 1% while the Nifty Bank saw losses of 1.1% after a brief recovery from the day's low.
The Realty index too saw losses of 1.5%. FMCG and Metal indices managed to end little changed.
Broader markets fell in-line with the benchmark indices. The Nifty Midcap index fell 1.4% while the Smallcap index declined 1.3% at the close of trade.
The India Volatility Index ended little changed for the second day in a row, at 20.08.
1,462 stocks on the NSE ended with losses while 444 managed to buck the trend and close higher.
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Indian equities began the weekly options expiry session on a strong note, after declining for four straight days. Sentiment across the Asia-Pacific is positive after the Federal Reserve projected interest rates to be near zero through 2023.
The S&P BSE Sensex opened 0.7% higher at 50,161 while the NSE Nifty 50 index rose 0.9% to 14,855 at the start of trade.
Most sectoral indices have opened higher. The Nifty Bank index rose 350 points or 1% on opening while the PSU Bank index - which was the top sectoral laggard on Wednesday, opened with gains of 1.4%. The Metal index rose 1% while the Auto index gained 0.9% in the early minutes of trade.
Broader markets too have opened higher, in-line with the benchmark indices. Both Nifty Midcap and Nifty Smallcap indices are up 1% each.
1,332 stocks on the NSE have opened with gains while 335 stocks decline.
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