By Aamar Deo Singh, Head Advisory, Angel Broking Ltd.
The Indian markets pared the gains for the week in today’s trading session and ended in the red. Nifty, though remaining above the 10K mark, went down by 1.58% or 165.70 points and ended at 10,305.30. S&P BSE Sensex went down by 1.58% or 561.45 points and ended at 34,868.98.
In today’s trade, around 1429 shares declined, 1245 shares advanced, while 134 shares remained unchanged.
Asian Paints (3.81%), ITC (3.36%), Eicher Motors (3.12%), Hero MotoCorp (2.94%), and GAIL (2.92%) were among top Nifty gainers in today’s session.
ICICI Bank (7.12%), IndusInd Bank (6.64%), Power Grid (5.09%), Hindalco (4.58%), and Zee Entertainment (4.37%) were among top losers.
Nifty Private Bank went down by 4.01% becoming the worst-performing sector along with the FMCG sector that traded red.
BSE Midcap went down by 1.09% while BSE Smallcap tripped by 1.15%.
Shares of Suven Pharmaceuticals went down by 10% and traded at Rs. 470.05 in today’s session. The shares were locked in a 10% lower circuit after exhibiting a massive rally in past five consecutive sessions.
Shares of ICICI Bank tripped down by 7.12% and traded at Rs. 349.35 after it was reported that the private lending bank is looking forward to raise approximately $3 billion through sale of shares.
Shares of Berger Paints went up by 5.63% and traded at Rs. 544.50 after the quarter four earnings were reported by the company. The earnings of the company were in line with the estimates of low material cost.
GAIL India’s share surged by 2.92% and traded at Rs.102.15 after the company outperformed its expectations and reported a net profit of Rs. 3018 crore for the fourth quarter.
The company’s stock went up by 8.92% and traded at Rs. 20,888.00 in today’s session despite the gloomy performance in the fourth quarter.
Despite poor performance in the fourth quarter, Asian Paints’ share surged up by 3.81% and traded at Rs. 1748.00 in today’s session.
Reliance Industries stock went up by 0.67% and traded at Rs.1732.50 after the company stated that it is working to complete the strategic partnership with Saudi Aramco in its annual report.
Indian rupee ended lower at Rs.75.72 against the US Dollar snapping down the two-days gain in today’s trading session.
Gold prices traded higher for the day with the international gold prices rising to the highest levels since 2012. Gold Futures at MCX gained by Rs.208 and closed at Rs. 48,440 for the month of August owing to strong buying in global gold prices.
Global Market trade lower
The Global markets including the European markets traded weaker amid the rising number of coronavirus cases all across the globe. The investors’ sentiments have been shaken by the rise in the number of COVID-19 cases after the world economies emerged from lockdown.
FTSE MIB went down by 1.59%, FTSE 100 went down by 2.31%, Nikkei 225 went down by 0.07%, Hang Seng went down by 0.50% while Nasdaq went up by 0.74%.
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