Rising Covid cases and poor cues from across the globe saw selling pressure in stocks today, which was also the first day for the May F&O series. Investors were unwilling to carry long positions into the next week, thanks to rising Covid 19 cases.
The Nifty fell points 264 in trade today, while the Sensex slumped near 1,000 points. Shares in Reliance Industries dropped ahead of its results to be declared later today. IndusInd Bank, however, managed to end the day flat ahead of its quarterly numbers. However, it was the other heavyweight financials like HDFC, HDFC Bank and ICICI Bank that were largely responsible for the significant fall in the indices.
Among the Nifty stocks that managed to notch up decent gains were Divis Labs, ONGC, Coal India and Indian Oil among others. The Pharma index was the top performing sector today in terms of gains. Shares in Hindustan Unilever fell 2.20 per cent, despite India's largest consumer goods maker seeing a 16% jump in volumes over the year-earlier in the quarter ended March.
Meanwhile, most Asian markets ended the day with losses, even as the Dow Futures pointed to lower openings for the US markets. Most global markets are at peak levels and investors may start booking profits at higher levels.