Following a volatile session, Sensex closed 25.16 points lower at 31097.73. Nifty dropped by 5.90 points closing at 9136.85 after recovering from huge intraday losses. This week market closed lower by around 1.5%.
Investors fear that the economic relief package would not be enough to boost the economy’s conditions. Also, increasing cases of Coronavirus that have surpassed China’s tally created tension over the revival efforts taken by the Government.
This week’s Sensex and Nifty dipped by almost 1.7% despite the efforts taken by the Government. Nifty bank indices closed low over 1% thus dragging the market towards red.
Top Gainers: Sensex and Nifty
Vedanta grained by 3.87% in today’s session followed by Bharti Airtel, BPCL and Asian paints as their stock value increased by 2.77%, 2.62% and 2.14% respectively. Other top gainers in the list include Tata Steel, Hindalco, Hindustan Unilever and Reliance ltd rising by over 1%.
Top Losers: Sensex and Nifty
M&M dropped by 4.64% in today’s session followed by Zee Entertainment Ltd, Axis Bank and UPL falling by 3.63%, 3.27% and 3.02% respectively. Other companies that lost value today include IndusInd Bank, Hero MotoCorp and Sun Pharma dropping by over 2%.
Foreign Institutional Investors bought shares of value INR 3905.69 crores, and sold-off shares valued INR 6293.37 crores in the Indian equity market. The net value of INR 2388.04 crores taken out by foreign investors today.
Domestic Institutional Investors increased net investment by INR 1225.53 crores. DII bought shares of around INR 3501.57 crores and sold-off shares valued INR 2276.04 crores.
The stimulus announcement uplifted domestic investors sentiments on hopes of market surging this week. However, the economic package wasn’t enough as markets fell before and after PM’s speech. In addition, fear of prevailing economic conditions led to the downfall of the market.
Also, Investors keenly await details of economic package hopeful of the revival of the equity market.