Indian equities

The fall of about 1,687 points in Sensex and 509 points in Nifty50 was triggered by FIIs' selling, which occurred after the 'B.1.1529' strain of Covid-19 was identified in South Africa, and later detected in Botswana and Hong Kong. The new strain is reported to contain up to 30 identified mutations. It is said to be a more transmissible variant of Covid-19.

On the other hand, safe haven assets such as gold saw a rise in prices. Gold traded at Rs 47,993 per 10 gm, up around Rs 300 from the previous day, according to the Indian Bullion and Jewellers Association. Initially, on Friday, the news of a new Covid-19 variant found in southern Africa, triggered an investor frenzy to sell risky equities.

The barometer 30-scrip Sensex closed at 58,795 points, up by 454 points or 0.78 per cent. Similarly, the broader 50-scrip Nifty closed the day at 17,536 points, up by 121 points or 0.70 per cent. Shares of Reliance Industries, Divi's Laboratories, ITC, Infosys, and Tata Consumers were the top gainers during the session, NSE data showed. As per the information available on the NSE website, stocks of these companies closed 6.36 per cent.

The barometer 30-scrip Sensex closed at 58,664.33 points, up by 198.44 points or 0.34 per cent. Similarly, the broader 50-scrip Nifty closed the day at 17,503.35 points, up by 86.80 points or 0.50 per cent. The top gainers of the session were Power Grid Corporation, JSW Steel, Coal India, NTPC and Adani Ports. As per the information available on the NSE website, stocks of these companies closed 4.02 per cent, 4.0 per cent, 3.95 per cent.

At 9.45 a.m., the S&P BSE Sensex traded at 58,198 points, down 0.26 per cent. It opened at 57,983 points from the previous close of 58,465 points. Till now it touched a high of 58,247 points and a low of 57,718 points. Besides, the broader 50-scrip Nifty at the National Stock Exchange (NSE) opened at 17,796 points after closing at 17,416 on Monday.

Lately, gold prices, both in domestic and global markets, have risen steadily due to favourable broader market fundamentals. Accordingly, the last traded price of gold at the Multi Commodity Exchange of India (MCX) was Rs 49,159 per 10 gm. According to the India Bullion and Jewellers Association, the spot prices for pure gold stood at Rs 49,240 per 10 gm in the domestic market, which excludes GST and making charges.

The CLSA said concerns range from elevated energy and broader in put price pressures applying downward pressure to margins, the current account balance and thus currency outlook, the withdrawal of RBI stimulus, and a lack of upside implied by Indian equities' typical macro drivers. Rich valuations, a high probability of earnings disappointment.

The net inflows in September were over Rs 8,600 crore and it was Rs 8,056.80 crore in August. In addition to this, the contributions through systematic investment also increased to on a sequential basis last month to a record high of Rs 10,518.53 crore.

The Hindu New Year Samvat 2078 has started. A special hour-long session was held on Thursday, Diwali day, to mark the start of the new year for the domestic equity market. In Samvat 2077, both the Sensex and Nifty delivered around 40 per cent returns. "Healthy corporate earnings, high forex reserves and economic growth should support the market in Samvat 2078," said Anuj Gupta, VP, IIFL Securities.

At 10 a.m., the 30-scrip sensitive index traded at 60,690.03 points, down 453.30 points or 0.74 per cent. The Sensex opened at 61,081 points from its previous close of 61,143.33 points. Besides, the NSE Nifty50 traded at 18,070.40 points, lower by 140.55 points or 0.77 per cent. It opened at 18,187.65 points from its previous close of 18,210.95 points.