Sensex Sheds Over 400 Points, Nifty Slips Below 14,800

By Administrator_ India

Capital Sands

The domestic stock markets have opened deeply in the red, after four successive days of gains, due to profit-booking at higher levels as the daily Covid-cases inched closer to the 4 lakh mark. At 9:18 am, the BSE Sensex was trading at 49,331.35, lower by 431.55 points or 0.8 percent and the NSE Nifty was at 14,776.50, down 108.63 points or 0.74 percent. The BSE Midcap and BSE Smallcap indices were however trading flat.

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.

Asian shares slipped on Friday. MSCI’s broadest index of Asia-Pacific shares outside Japan dropped 0.5 percent, with both Japan and China falling ahead of a long weekend; the two markets will be closed through Wednesday. Japan’s Nikkei fell 0.4 percent and China’s CSI 300 lost 0.5 percent in early trade.

Overnight, the S&P 500 closed at a record high on Thursday, fueled by gains in Facebook following its strong earnings report, while investors awaited upcoming results from Amazon. The Dow Jones rose 0.71 percent and S&P 500 gained 0.64 percent.

On the earnings front, Reliance Industries will declare its Q4 results post-market hours. IndusInd Bank, Marico, and Yes Bank will also be announcing their numbers during the day.

On the stock-specific front, banking and financial stocks were witnessing selling pressure this morning. HDFC Bank, HDFC, ICICI Bank, SBI and Kotak Mahindra Bank shed 1-2.8 percent each in early trading.

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