Sensex Drops Over 200 Points, Nifty Ends 64.8 Points Lower on Covid-19 Jitters

Equity benchmark Sensex ended over 200 points in early trade on Friday as the country struggled to contain an unrelenting surge in coronavirus infections.

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Sensex Drops Over 200 Points, Nifty Ends 64.8 Points Lower on Covid-19 Jitters the policy times

On the BSE, the Sensex traded at 47,878, down 202 points and the Nifty was down 64.80 points in trade to end the day at 14,341. Among the 30 Sensex stocks, 20 ended in the red.

List of The top Sensex Loser and Sensex Gainer

M&M was the top Sensex loser falling over 2%, which was followed by Dr. Reddy’s Labs, Wipro, Hindalco, HUL, ICICI Bank, Tech Mahindra, Grasim, and Infosys. On the other hand, NTPC, PowerGrid, Axis Bank, Indusind Bank, HDFC Life, SBI Life, BPCL, Coal India outperformed the benchmark indices up to 4%.

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Rise of BSE Mid Cap and Small Cap Indices

The S&P BSE Mid Cap index rose 32 points, while the S&P BSE Small-Cap index by 106 points. In this session, the market cap of BSE fell by Rs 0.24 lakh crore to Rs 202.327 lakh crore against the Market cap of Rs 202.61 lakh crore in the last session. The overall advances on the BSE were 1,589 while 1,336 were the declines. About 174 stocks remained unchanged.

Impact of Surge in Covid-19 Cases on Sensex

Market participants say that the surge in Covid cases hits the market sentiment leading to a fall of Sensex. Over the last couple of weeks, the spike in Covid cases in India has become a major concern. Active Covid-19 cases crossed the 24-lakh mark on Friday. Rusmik Oza, Head of Fundamental Research at Kotak Securities said, “As India has become the epicenter of the virus resurgence, there is fear of potential earnings downgrades which could turn out to be higher in case of mid and small caps”. He further added, “Too many potential negatives have come together which could impact markets in the very near future”. The markets are concerned about the impact of lockdowns on economic activity.

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Sensex Drops Over 200 Points, Nifty Ends 64.8 Points Lower on Covid-19 Jitters
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Equity benchmark Sensex ended over 200 points in early trade on Friday as the country struggled to contain an unrelenting surge in coronavirus infections.
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THE POLICY TIMES
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