Benchmark Indices Closed Lower Due to Anxiety Over New COVID-19 Variants

The Indian benchmark indices closed Friday in the red as concerns over discovering new variants of COVID-19 have continued to grow. The Indian markets collapsed on Friday in line with their Asian peers. 

The S&P BSE Sensex closed the day at 58,386.19 points. Over the day, it lost 182.75 points or 0.35%. Among the 30 stocks that form the Sensex index, only ten closed in the green, while the remaining 20 closed the day in the negative terrain. Bajaj Auto emerged as the top loser in the index. Its share price fell by 1.99% on Friday. 

It was followed by TCS, HDFC Bank, Axis Bank and Reliance, who saw their share price go down by 1.52%, 1.08%, 0.98%, and 0.94%, respectively, over the day. Tech Mahindra, Kotak Bank, IndusInd Bank, Mahindra & Mahindra witnessed their share price collapse by 0.77%, 0.73%, 0.69%, and 0.59%, respectively. 

The other stocks to close the day lower were HDFC Bank, ICICI Bank, Titan, PowerGrid, Asian Paints, ITC, SBI, Dr Reddy’s UltraTech Cement, and L&T. The Sensex index received much-needed support from Tata Steel and Bajaj Finserv, whose share price increased by 4.16% and 3.55%, respectively on Friday. 

Bharti Airtel, NTPC, Maruti and Bajaj Finance followed them, and their share price went up by 2.05%, 0.38%, 0.33%, and 0.29%, respectively. The other stocks to close higher were Hindustan Unilever, Infosys, Sun Pharma, and Nestle India. 

The NSE Nifty 50 closed the week at the 15,689.80 level. On Friday, it tanked by 38.10 points or 0.24%. 24 of the 50 stocks that form the index advanced, while the remaining 26 closed the day lower. Tata Steel was the biggest gainer; its share price surged by 4.20%, while Bajaj Auto was the most significant loser. Its share price dropped by 1.92%.  

For any clarifications/feedback on the topic, please get in touch with the writer at vineeth.nc@cleartax.in

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