New variant of Covid is scaring markets; Sensex finished down 1,688 points to 57,107

Closing bell

Fears that a new strain could fuel epidemics in many countries, straining health systems, potentially avoiding vaccines and complicating efforts to reopen economies and borders, sent a wave of aversion to the nation on Friday. risk in global markets. CLICK HERE TO READ WHAT AWAITS THE MARKETS

Aligning with all of its global peers, the BSE Sensex plunged 1,688 points, or 2.9%, to end today’s bloodshed at 57,107 levels. The index hit a high and low of 58,255 and 56,994, respectively.

The Nifty50 also edged 510 points, or 2.9%, to close at 17,026. During the day, the index slipped below 17,000 (to 16,986), a first since August of this year. .

“Triggered by the new variant of covid in South Africa, markets fell into negative territory following weakness by their global peers. Existing inflation fears coupled with worries of an aggressive tightening of the US Federal Reserve’s policy also contributed to Friday’s catastrophic session. Massive sales were seen as investors shed covid-sensitive stocks as the focus shifted to the pharmaceutical sector, ”said Vinod Nair, head of research at Geojit Financial Services

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Stocks saw their biggest intraday drop since April 12, 2021, and also their biggest weekly drop since January 29, 2021.

The collapse was equally severe in the broader markets, where the BSE MidCap and SmallCap indices fell 3.2% and 2.6%, respectively.

“Nifty now has a new base at 16,000-16,500 which can be tested against this weakness,” said Amit Gupta, fund manager – PMS, ICICI Securities.

Export-related stocks such as autos and metals collapsed on the stock markets, with the Nifty Metal Index closing down 5 percent and the Auto Index falling 4 percent.

READ ALSO : Market strategy: time to be greedy or fearful? Here’s what analysts suggest

Meanwhile, the Nifty Bank index fell 3.6% and the Nifty Realty index slipped 6%. The Nifty Pharma Index, up 1.7 percent, was the only winner on the NSE.

India VIX climbed 25% and hit a 6-month high at level 21.

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Markets at 2:30 p.m.

LIVE Market Update: Major benchmarks continue to languish at lower levels with deep cuts following a global sell-off following the emergence of a new Coivd-19 variant.

ESB Sensex lost 1378 points to 57,417 and NSE Nifty 50 lost 422 points to 17,114.

The heavyweights, Reliance, HDFC, ICICI Bank and HDFC Bank were the main drag on BSE Sensex, representing a loss of around 680 points on BSE Sensex.

The broader indices also declined alongside the benchmarks. The BSE Midcap and Smallcap indices fell by 2.7% and 2% respectively

“Nervousness over the new variant of the Corona virus and the expectations of the United States regarding the increased pace of reduction have led to recent market weakness. This trend may take some time to recover as the WHO meets on the impact of the new mutant variant and hospitalization rates in the United States and Europe. will be watched very closely by the market, ”said Amit Gupta, Fund Manager – PMS, ICICI Securities.

He added: India is on a higher earnings growth trajectory and this is the only major risk that can spoil feelings. The current strength of the dollar also suggests feelings of risk aversion and is currently leading to FII flows. Nifty now has a new base at 16,000-16,500 which can be tested in this weakness.


Lunch markets (updated at 1:30 p.m.)

LIVE Market Updates:

The bears have taken full control of Dalal Street as any attempt by the bulls to initiate a rally meets strong upward selling pressure.

BSE Sensex is still down 1,262 points to 57,532 levels. The Nifty50 is at 17,157, down 379 points. In larger markets, the BSE MidCap index is down more than 2%, in line with the benchmark, while the BSE SmallCap index is below 1%.

Investor wealth fell by 4.48 trillion rupees during the day on Friday, with the BSE benchmark falling 1,488 points during the day, following weak global trends. READ MORE

Covid variant update: According to ANI news agency, official sources told the agency that no cases of Covid-19 B.1.1.529 variant have been reported in India so far . A new variant of the coronavirus that causes Covid-19 – called B.1.1.529 – has been identified in South Africa, with officials saying it is of concern.

Global markets: Stocks suffered their biggest drop in three months in Asia on Friday, and oil fell after the detection of a new, possibly vaccine-resistant variant of the coronavirus that prompted investors to rush to the safety of bonds, du yen and dollar.

The MSCI Asian non-Japan equity index fell 2%, its biggest drop since August. Japan’s Nikkei fell 2.5% and South Korea’s Kospi fell 1.5%.

In Europe, stocks fell with the UK FTSE100 down 3%, the French CAC 40 down 4.6% and the German DAX down 3%.

Dow Jones Futures also lost over 900 points (2%).


Midday markets

Live Markets Update:

Stocks have recovered from their lows, albeit moderately, but still hover near daily lows. The benchmarks recorded their biggest intraday drop since April 12, 2021 and the biggest weekly drop since January 29, 2021.

At 12:08 p.m., the BSE Sensex was down 1,263 points to 57,532 while the Nifty50 was at 17,158, down 377 points.

Recovery plays like hotels, aviation-related titles and multiplexes are among the sectors most affected today as the new variant of Covid-19 shakes the prospects of economic recovery. Individually, Lemon Tree hotels, Indian hotels, chalet hotels, Orient hotels and Mahindra Holiday slips between 5 and 8%. IndiGo, PVR and Inox Leisure fell 8% each.

As benchmarks are down nearly eight percent from record highs, Devang Mehta of Centrum Wealth and Varun Lohchab of HDFC Securities are decoding investment strategies to deal with the ongoing correction. WATCH THE VIDEO


Markets at 11 a.m.

LIVE market updates: The spread of the new variant of Covid has scared investors rushing to avoid risky assets.

The BSE Sensex recorded 1,485 points at 57,309 levels while the Nifty50 lost 424 points to 17,111. Both indices are down more than 2 percent each. READ WHAT THE STREET WORRIES

In larger markets, the BSE MidCap index lost 2.7% while the BSE SmallCap index fell 2%.

At sector level, the Nifty Pharma index is still up 1%. Meanwhile, the Nifty Realty index slipped 5.7%; the Nifty Metal and Auto indices 3.8% each; the Nifty PSU Bank 3.5 percent; the Nifty Bank index 3 percent.


Markets at 10 a.m.

Live Market Updates: Pharmaceuticals are the only saving grace in this weak market. The Nifty Pharma index maintained its gain of 2.5% while all the other sector indices were languishing in the red.

The BSE Sensex continued its decline and lost more than 1,000 points to the 57,756 level. The Nifty50 also collected 295 points and slipped below 17,250. In the broad market, the BSE MidCap index is down more than 1.5%.

The scale of the BSE market is tilted towards the bears. Over 1,800 stocks are in the red while 1,100 stocks are up. The volatility index, meanwhile, jumped 8%.

New list: Despite the weak trend in the secondary market, Tarsons Products managed to pull thin quotation gains. The company debuted at Rs 700 per share on BSE, up 6% from the issue price of Rs 662.


Opening bell

Live Market Updates: Reflecting the weak trend in Asian markets, amid the emergence of a new variant of highly mutated Covid-19, benchmarks began to widen on Dalal Street on Friday.

BSE Sensex fell 730 points, or 1.24%, in early trades to list at 58,065 in morning trading. The NSE Nifty also dropped 207 points to test 17,300. The indices continued their weakness and hit lows of 57,914 and 17,271, respectively.

Only two stocks – Dr Reddy’s Labs and Sun Pharma – were trading higher on the Sensex. The other 28 constituents were in the red, led by Maruti Suzuki (down 2.5%), Kotak Bank, HDFC and Bajaj Finserv.

In larger markets, the BSE MidCap and SmallCap indices fell 1% each.

Markets appear defensive with only some pharmaceutical stocks trading in the green. The overall width favored sellers at a 2: 1 ratio.


Pre-open session

LIVE Market Updates:

The stocks are trading with steep declines during the pre-open session. At 9:05 a.m., the S&P BSE Sensex was down 343 points to 58,452 levels. The NSE Nifty also lost 234 points to the 17,300 level.

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Updated at 8:15 a.m.

LIVE market updates: Indices could be under pressure on Friday as SGX Nifty trades over 150 points lower at 17,409 levels.

Looking ahead, the outlook for future growth and a faster economic recovery are some of the factors favoring the bulls, as the continued sell-off of FIIs, the quicker withdrawal of stimulus and the shift in the path of rates. interest weighs on market sentiment.

Among individual stocks, Tarsons Products will be the center of attention today as the stock debuts on the stock exchanges. The issue price was set at Rs 662 per share.

Global markets

US markets were closed for trading on Thursday due to the Thanksgiving holiday, trading hours will also be shorter for Friday. Meanwhile, Brent and WTI crude fell 0.1% and 0.5% to $ 82.17 and $ 78.03 a barrel, respectively.

Asian markets saw a sea of ​​red this morning as the US dollar strengthened further in hopes of a faster rate hike in the US. The Japanese Nikkei had plunged 2%. Straits Times was down almost one percent. Shanghai Composite, Kospi and Taiwan lost 0.2-0.4% each.

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