Market: Sensex fell 850 points, Nifty below 17,300
live market updates: Reflecting a weak trend in Asian markets, benchmark indices started gap-down on Dalal Street on Friday amid the emergence of a new, highly mutated Covid-19 variant.
The BSE Sensex closed 730 points or 1.24 per cent lower at 58,065 in morning trade. NSE Nifty has also tested 17,300 with a fall of 207 points. The indices extended their weakness and touched as low as 57,914 and 17,271 respectively.Only two stocks on the Sensex – Dr Reddy’s Labs and Sun Pharma – were trading higher. All other 28 constituents were in the red, drawn by Maruti Suzuki (down 2.5 per cent), Kotak Bank, HDFC and Bajaj Finserv.
Among the broader markets, BSE Midcap and Smallcap indices fell 1 per cent each.The market appears to be on the defensive with only select pharma stocks trading in the green. Overall width was in favor of sellers in the ratio of 2:1.
Live Market Updates:
Shares are trading with sharp cuts in the pre-open session. At 9:05 am, the S&P BSE Sensex was down 343 points at 58,452. NSE Nifty also closed at 17,300 level, down 234 points.
Updated at 8:15 am
LIVE Market Updates: Index may come under pressure on Friday as SGX Nifty is trading 150 points down at 17,409 level.
Going forward, future growth prospects and sharp economic recovery are some of the factors that favor the bulls, while persistent FII sell-off, quick withdrawal of stimulus and change in interest rate trajectory weighed on the market sentiment.
Among individual stocks, Tarson Products will be in focus today as the stock makes its debut on the exchanges. The issue price was fixed at Rs 662 per share.
US markets were closed for trading on Thursday due to the Thanksgiving holiday, with Friday also shortening trading hours. Meanwhile, Brent and WTI crudes fell 0.1 per cent and 0.5 per cent to $82.17 and $78.03 a barrel, respectively.
Asian markets witnessed a sea of red this morning as the US dollar strengthened further on hopes of a faster rate hike in the US. Japan’s Nikkei was down 2 per cent. The Straits Times was down about one percent. The Shanghai Composite, Kospi and Taiwan were down 0.2-0.4 per cent.
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