Sensex falls 185 points, Nifty ends below 15,750; banks, metals drag
Sensex dropped 185 points or 0.35% to settle at 52,549, while Nifty declined 66 points or 0.42% to end at 15,748
Indian benchmark equity indices closed lower on Tuesday tracking negative trend in the Asian peers. Relief measures announced by finance minister Nirmala Sitharaman for Covid-hit sectors also failed to cheer the investors.
Sensex dropped 185 points or 0.35% to settle at 52,549, while Nifty declined 66 points or 0.42% to end at 15,748.
“Despite the government’s stimulus package to revive stressed sectors, domestic equities continued to trade weak due to new coronavirus outbreaks in Asia. Extension of emergency credit guarantee scheme to MSME’s and subsidised financing to small borrowers will be a boost to the Microfinance and NBFC sectors. Amid a broad-based selling in the market, the healthcare sector managed to remain positive due to the extended government support,” said Vinod Nair, Head of Research at Geojit Financial Services
Gainers & losers
Top gainers & losers on the Sensex for June 29, 2021.
Sectoral strand
Most sectoral indices ended in the red. Nifty PSU Bank, closing 1.48% lower, was the top sectoral laggard followed by Nifty Metal, down 1.22% and Nifty Bank falling nearly 1%. Nifty Pharma and Nifty FMCG closed 0.5% and 0.6% higher respectively. The volatility index India VIX cooled off 3%.
Broader market
The broader markets too reversed their gains with the BSE MidCap and BSE SmallCap indices closing 0.42% and 0.07% lower, respectively tracking losses in Oil India, SJVN, NHPC, Adani Transmission, Vodafone Idea, IFCI, Srei Infra, and Gujarat Mineral Development Corporation.
The market breadth remained negative as 1,045 shares declined on the BSE, while 884 advanced and 331 remained unchanged.