Sensex Remains Under Pressure, Down Over 900 Points; Financials Drag

Sensex Down Over 900 Points, Dragged By Financial Stocks

IndusInd Bank, Axis Bank, Kotak Mahindra Bank, HDFC Life and HDFC lost around 4 per cent each

The domestic stock markets remained under selling pressure this afternoon, dragged by weakness in financial stocks, as the second wave of Covid 19 continued to batter the country. At 2:00 pm, the BSE Sensex was trading off the intra-day lows at 47, 952.75, weaker by 885.75 points or 1.80 per cent and the NSE Nifty was at 14,360.10, down 262.45 points or 1.8 per cent. All the BSE sectoral indices are trading in the red, with the exception of the pharma and information technology space.

The broader markets were also under selling pressure, with the BSE Midcap index and BSE Smallcap index shedding around 1.8 per cent each.

India recorded 2,73,810 fresh infections and 1,619 deaths in a new record high in the past 24 hours, taking the caseload to 1.5 crore; 1.78 lakh people have died so far.

The extent of the volatility can be guaged by the fact that India VIX, the volatility index, was trading 10 per cent higher at 22.3.

Financial stocks are leading the carnage on Dalal Street. Among other financial names, IndusInd Bank, Axis Bank, Kotak Mahindra Bank, HDFC Life and HDFC lost around 4 per cent each on the BSE. Powergrid, Adani Ports and ONGC are the other significant losers among BSE stocks.

On the other hand, select IT and pharma stocks are bucking the selling wave. Infosys, Wipro and HCL Tech have strengthened around a per cent each, while Dr Reddy’s and Cipla in the pharma space have also gained by a similar amount.

The BSE market breadth is weak. Out of 3,072 stocks traded on the BSE, there are 681 advancing stocks as against 2,202 declines.

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