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Sensex Drops 196 Points. Tata Steel, Kotak Bank, Bajaj Auto Among Top Losers

The selling pressure was triggered after European markets opened in the negative territory amid concerns over the Omicron variant of the coronavirus, traders said.

Sensex Drops 196 Points. Tata Steel, Kotak Bank, Bajaj Auto Among Top Losers
Sensex Drops 196 Points. Tata Steel, Kotak Bank, Bajaj Auto Among Top Losers
outlookindia.com
2021-11-30T16:28:11+05:30

Equity benchmark Sensex dropped 196 points on Tuesday, hit by fag-end selling in auto and metal stocks following sluggish investor sentiment in global markets.

The selling pressure was triggered after European markets opened in the negative territory amid concerns over the Omicron variant of the coronavirus, traders said.

After rallying over 900 points, the 30-share BSE index surrendered all gains to settle 195.71 points or 0.34 per cent lower at 57,064.87.

Similarly, the NSE Nifty declined 70.75 points or 0.41 per cent to close below the 17,000-mark at 16,983.20.

Tata Steel was the top loser in the Sensex pack, shedding around 4 per cent, followed by Kotak Bank, Bajaj Auto, M&M, Bharti Airtel, Reliance Industries, IndusInd Bank and Maruti.

On the other hand, PowerGrid, Titan, Bajaj Finserv, Nestle India and Bajaj Finance were among the gainers.

Elsewhere in Asia, bourses in Hong Kong, Seoul and Tokyo ended with losses, while Shanghai was positive. Stock exchanges in Europe were in the red in mid-session deals.

What moved markets today

Vinod Nair, Head of Research at Geojit Financial Services, told The Economic Times thattracking positive closure of the US and European markets, domestic indices started the session on a strong footing following the US President’s announcement ensuring that economic lockdowns are currently off the table.

However, the optimism was quickly substituted with a sudden sell-off in the domestic market as global equities slipped into negative territory following Omicron experts’ advice to be cautious. Defying the market trend, IT and healthcare stocks along with mid and small caps traded with gains.

In the same report, S Ranganathan, Head of Research at LKP Securities, said in a highly volatile trading day, the street began on a very positive note on expectations of record GST numbers for November in line with the trends shown by e-way bills. However, post the views of the Moderna CEO on the Omicron Variant, markets witnessed selling pressure.

While key data points for November like the Auto numbers were seen playing out, profit-booking by FPI kept investors watchful. The Small-Cap 100 Index however was seen buzzing around through the day on the back of the MSCI Semi-Annual review.

Meanwhile, the rupee closed 10 paise lower at 75.17 (provisional) against the US dollar.

International oil benchmark Brent crude tumbled 3.12 per cent to $71.15 per barrel.

Foreign institutional investors remained net sellers in the capital market on Monday, as they offloaded shares worth Rs 3,332.21 crore, according to exchange data.

(With PTI Inputs)

 

 

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