Share Market

The night curfew and weekend lockdown announced in Maharashtra amid the rising number of Covid cases has weighed on the investor sentiments, analysts said. Around 10.15 a.m., Sensex was trading at 48,709.84, lower by 1,319.99 points or 2.64 per cent from its previous close.

The metals and mining sector also saw a sharp increase in commodity prices and steel was one of the best-performing commodities in the just-ended FY21. The S&P BSE Metal index has surged 176 per cent in the past one year.

Heavy selling was witnessed in metal, finance, banking and IT stocks. Around 10.15 a.m., Sensex was trading at 49,536.26, lower by 515.18 points or 1.03 per cent from its previous close of 50,051.44 points. It opened at 49,786.47 and has touched an intraday high of 49,854.58 and a low of 49,529.23 points.

The market has, however, trimmed major losses made during the initial trade. At 10.19 a.m., Sensex was trading at 49,717.60, lower by 140.64 points or 0.28 per cent from its previous close of 49,858.24. It opened at 49,878.77 and has so far recorded an intraday high of 49,878.77 and a low of 49,460.90 points.

Around 2.55 p.m., the Sensex was at 50,979.44, lower by 349.64 points or 0.68 per cent from its previous close of 51,329.08. It opened at 51,355.89 and has so far recorded an intra-day high of 51,512.86 and a low of 50,846.22 points. The Nifty50 on the National Stock Exchange was trading at 15,022.95, lower by 86.35 points or 0.57 per cent from its previous close.

Selling pressure was witnessed in banking and IT stocks. At 10.18 a.m., Sensex was trading at 51,124.54, lower by 204.54 points or 0.40 per cent from its previous close of 51,329.08. It opened at 51,355.89 and has so far touched an intra-day high of 51,512.86 and a low of 51,112.73 points.

The positive cues led S&P BSE Sensex touched a record high of 51,835.86 and the Nifty50 on the National Stock Exchange to a record high of 15,257.10 points. The market continued to remain in favour of advancing counter till around 2.15 p.m. However, a last hour profit booking pulled the market lower.

Amongst sectoral indices, interest rate sensitive stocks such as banking, auto and capital goods rose before the announcement of the final monetary policy review of 2020-21. Consequently, the NSE Nifty50 crosses the 15,000 points mark during the session, but receded afterwards.

Investors continued to cheer the fact that the budget did not announce any additional burden in terms of taxes or cess on citizens and corporates. Amongst sectors, buying was witnessed in Media, Banking and Auto indices. Banking stocks surged after the Finance Minister on Monday announced that two public sector banks will be privatised apart from the IDBI Bank in the upcoming financial year.

Investors continued to cheer the fact that the budget did not announce any additional burden in terms of taxes or cess on citizens and corporates. Healthy buying was witnessed in banking, finance and auto stocks. Banking stocks surged after the Finance Minister announced that two public sector banks will be privatised apart from the IDBI Bank in the upcoming financial year.