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Sensex Ends 870 Points Lower; HCL Tech Top Gainer

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Even though global cues remained strong, Indian markets witnessed selling pressure, with Sensex slumping to levels of 48,580, with a drag of over 1400 points intra-day. However towards the end of the session, some of the losses were pared. At the close, Sensex ended lower by 879 points down to 49159, while Nifty settled at 14637, dragged primarily by PSU Bank pack with losses to the tune of over 4%.

 

Sensex Ends 870 Points Lower; HCL Tech Top Gainer

Huge coronavirus case count which breached 1 lakh for the first time in past so many months and restrictions in the economically significant Mumbai city as well as the weak manufacturing PMI number weighed.

PSU Bank were the top laggards after SC verdict on the interest waiver case meant these state run lenders will have to suffer a loss of Rs. 1800- 2000 crore.

Britannia shares traded 2 percent higher after the company declared an interim dividend at 6200 percent per share for the FY 2021.

Healthy volumes in the stock of Happiest Minds also pushed the stock higher by 14 percent.

And sectorally there was strength seen in the IT and metal pack. And from the IT sector, Infosys shares on healthy earnings expectations zoomed to a fresh high intra-day, while its m-cap hit levels over Rs. 6 trillion.

" Market over the next few days would monitor as to how the situation pans out in Maharashtra and also in other states especially 8-10 other states where the covid cases is rising rampantly. Apart from this the Q4 numbers would start pouring in from mid-April with Infosys and Wipro being among the first ones to declare. We are expecting strong 4QFY21 numbers for the IT sector and expect robust FY22 outlook from the management despite cost pressures. Overall we believe IT and Metals to fare better in comparison to other sectors given the cost pressures faced during the Q4. Thus the month of April is likely to be highly volatile with Q4 earnings, rising covid cases and higher bond yields to determine the trend", said Hemang Jani, head for equity strategy, broking & distribution at Motilal Oswal Financial Services.
A spike in bond yield is another factor weighing on the markets as any surge there leads to FII outflow.
GoodReturns.in

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