Bears ruin market mood, banking and metal stocks crack
Jan 27, 2021
Mumbai (Maharashtra) [India], January 27 : Equity benchmark indices dipped sharply on Wednesday with broad-based selling across the counters as investors turned cautious after some corporates reported lower-than-expected numbers.
Market experts said foreign and domestic institutional investors turned bearish and booked profits.
At the closing bell, the BSE S&P Sensex was down by 938 points or 1.94 per cent at 47,410 while the Nifty 50 lowered by 271 points or 1.91 per cent to 13,968.
Except for Nifty FMCG, all other sectoral indices at the National Stock Exchange were in the red with Nifty private bank dipping by 3 per cent, PSU bank by 1.5 per cent, financial service by 2.7 per cent, pharma and auto by 2 per cent each.
Among stocks, Tata Motors was the top loser after dipping 4.4 per cent to Rs 266.75 per share. Tata Steel cracked by 4.2 per cent to Rs 624.05 per share while Hindalco lost by 3.9 per cent.
Index heavyweight Reliance Industries shed 2.3 per cent to Rs 1,895.25 per share. IndusInd Bank lost by 4 per cent, Axis Bank by 3.7 per cent and HDFC Bank by 3.5 per cent.
However, Tech Mahindra gained by 2.6 per cent to Rs 997.55 per share and Wipro by 2 per cent. SBI Life, ITC, Nestle India and Cipla too trade with a positive bias.
Meanwhile, Asian equities slipped as investors looked to the US Federal Reserve's guidance on its monetary policy.
Hong Kong's Hang Seng index fell by 0.32 per cent while South Korea's Kospi was down by 0.57 per cent. But Japan's Nikkei rose by 0.31 per cent.
