Sensex Sheds Over 300 Points, Dragged By Metal, Banking Stocks

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Hindalco, Tata Steel, ICICI Bank, Axis Bank and IndusInd Bank shed around a per cent each on the BSE

The stock markets have opened in the red an account of negative global cues, amid concerns about rising Coronavirus cases.  At 9:17 am, the BSE Sensex was at  49,732.50, weaker by 300 points or 0.59 per cent and the NSE Nifty was at 14,733.50, down 79.95 points or 0.54 per cent. The BSE Midacap and BSE Smallcap indices were trading absolutely flat at 20,407.99 and 20,776.84 respectively.

US stocks tumbled on Tuesday as concerns about the cost of infrastructure spending and potential tax hikes to pay for President Joe Biden’s $1.9 trillion relief bill weighed on investors who also fear further downside in the market. The Dow Jones Industrial Average fell 308.05 points and the S&P 500 lost 30.07 points.

Foreign institutional investors (FIIs) were net sellers in the capital market on Tuesday as they offloaded shares worth Rs 108.24 crore, as per exchange data.

Meanwhile, oil prices edged higher on Wednesday as investors looked for bargains following the previous day’s plunge. Brent crude futures rose 27 cents, or 0.4 per cent, to $61.06 a barrel by 0108 GMT. West Texas Intermediate (WTI) crude futures climbed 19 cents, or 0.3 per cent, to $57.95 a barrel.

On the stock-specific front, banking and metal stocks are having a weak session of trade. Hindalco has weakened by 1.9 per cent to top the losers list on the BSE and Tata Steel has shed 1.6 per cent. In the banking space, ICICI Bank, Axis Bank and IndusInd Bank have shed around a per cent each on the BSE. 

On the gainers side, Asian Paints has jumped 1.7 per cent to top the BSE gainer’s list. Pharma stocks are also trading strong, with Dr Reddy’s, Cipla, Divi’s Lab and Sun Pharma adding around a per cent each on the BSE.

On the IPO front, Anupam Rasayan will list on the bourses today i.e. March 24. The specialty chemicals company had raised Rs 760 crore through its public issue. And dining restaurant chain operator Barbeque Nation Hospitality will open its initial public offering for bidding today.

The BSE market breadth is weak. Out of 2081 stocks traded on the BSE, there are 956 advancing stocks as against 1022 declines.



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