Sensex dropped 81.48 points to close at 31561.22 losing morning gains of over 800 points during the day. Nifty slipped from gains of 211 points to settle at 9239.20, 12.30 points below Friday’s close.
Sensex and Nifty saw a good opening session as many sectors resumed operations. But, increasing Coronavirus cases and sell-off in banking stocks, pulled the market in red, losing morning session gains.
Investment in automobile sector increased today as many companies resumed operations following Government guidelines and regulations. A high rate of selling witnessed in the afternoon session in Bank stocks that dragged the market to red.
Top Gainers- Sensex and Nifty
Hero MotoCorp was the top gainer from today’s session gaining 6.09%, followed by Tata Motors, Infratel, Bajaj Auto and Maruti Suzuki increasing 5.92%, 5.91%, 5.85% and 5.78% respectively. Other gainers included Vedanta Ltd, Zee Entertainment Ltd, and Eicher Motors Ltd that increased around 3%.
Today’s market saw a decent rally as investors’ sentiments uplifted with Indian economy reopening.
Losers Today: Sensex and Nifty
ICICI Bank lost the most value in today’s session tanking 4.62% followed by BPCL, Dr Reddy’s and Hindustan Unilever dropping by 3.16%, 2.96% and 2.14% respectively. Other losers in today’s session include HDFC Ltd., HDFC Bank, Nestle India and IndusInd Bank tanking more than 1%.
Early sessions market gains were lost by afternoon as high selling was witnessed in banking stocks with earnings undercutting in this sector.
Foreign Institutional Investors saw a decline in net investment in the Indian equity market. FII bought shares worth 5383.01 crores during the day and sold stocks of value 4848.14 crores.
Domestic Institutional Investors invested around 3799.19 crores in the Equity market and sold stocks valued 4620.79 crores. A net value of 821.6 crores taken out by domestic investors from the market in today’s session.
Today, Sensex and Nifty opened at a positive note but the negative outlook of the Indian economy owing to extended lockdown led to market going down. Also, trade war worry between the US and China further dragged the market.