The Indian benchmark indices S&P BSE Sensex and NSE Nifty 50 have wrapped the day nearly flat but in the green. Strong selling trend witnessed in some of the stocks (notably HDFC Bank, Reliance Industries Limited and Bharti Airtel) resulted in the cues erasing most of the gains recorded in the early part of the day.
The S&P BSE Sensex closed the day at 36,051.81 points. It gained a meagre 0.052% or 18.75 points over the day. Among the 30 stocks constituting the Sensex index, 17 of them ended in the green, while 12 of them dropped whereas one stock (ICICI Bank moved ahead by 0.04%) closed nearly flat.
The financial stocks were on the downward run as IndusInd Bank, Bajaj Finance, SBI, Kotak Bank, and HDFC Bank and HDFC lost 1.44%, 1.33%, 1,21%, 0.62%, 0.61%, and 0.11% respectively. Bharti Airtel emerged as the top loser as it dropped 4.24% or Rs 24.95 as Google invested in Jio as a part of the 5G plans.
However, the share price of RIL slipped nearly 4% despite the announcement of the fresh investment of Rs 33,737 crore from Google. Mukesh Ambani, the RIL Chairman, informed that the deal with Saudi Aramco has not gone as planned due to the ravaging novel coronavirus which has impacted the energy sector significantly.
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The Sensex index received much-needed support form the tech stocks with Infosys, HCL Tech, TCS and Tech Mahindra surging 6.16%, 4.13%, 2.85%, and 2.78% respectively. The auto stocks were also on the booming trend as Maruti Suzuki, Hero MotorCorp, and Baja Auto shot up by 0.48%, 1.36% and 1.42% respectively.
The NSE Nifty 50 recorded a minor gain of 0.10% or 10.85 points today. It closed at 10.618.20 points. 24 of the 50 Nifty stocks ended the day in the adverse terrain while two of them closed nearly flat and the rest ended Wednesday on a positive note. Wipro gained the most (16.89%) to close the day at the Rs 263 a share.
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Engineer by qualification, financial writer by choice. I am always open to learning new things.
