Sensex, a shrewd decline led by losses in banking and financial services stocks


Indian stocks fell on Friday amid weakness in global indices after Asian stocks stumbled to two-month lows on Friday and were set for their worst weekly performance since February as confidence took a hit on the global spread of the Delta virus variant and fears it may block a global economic recovery. The Sensex fell 341 points and the Nifty 50 index fell below its psychologically significant level of 15,650, punctuated by losses at HDFC Bank, Reliance Industries, ICICI Bank, HDFC and Axis Bank.

At 9:27 a.m., the Sensex was down 273 points to 52,295 and the Nifty 50 Index slipped 66 points to 15,661.

The largest MSCI index of Asia-Pacific stocks outside of Japan slipped 0.9% to 667.99, a level not seen since mid-May. For the week so far, the index is down 3.2%, the biggest drop since early February.

Japan’s Nikkei slipped 2%. Chinese stocks were also weaker with the blue chip CSI300 index falling 1.2%.

Back home, the selling pressure was widespread as nine of the 11 sector indicators compiled by the National Stock Exchange were trading lower, led by the more than 1% drop in the Nifty Private Bank Index. The Nifty Bank, Auto, Financial Services, Media, PSU Bank and Realty indices were also trading lower.

On the other hand, metals and pharma stocks have attracted buying interest.

Small and mid-cap stocks traded mixed with the Nifty Midcap 100 Index trading on a flat rating while the Nifty Smallcap 100 Index was up 0.2%.

Tata Consultancy Services (TCS) was among Nifty’s biggest losers, with the stock falling nearly 1% to Rs 3,227 after its net profit fell 2.6%, sequentially, to Rs 9,008 crore.

IndusInd Bank, Eicher Motors, Axis Bank, HDFC Bank, Bharat Petroleum, Reliance Industries, Shree Cements and ICICI Bank were also among the losers.

On the other hand, Tata Steel, JSW Steel, Dr Reddy’s Labs, Hindalco, Bajaj Finserv, Divis Labs, Cipla and Adani Ports were among the winners.

The overall scale of the market was positive as 1,434 stocks rose while 1,115 were down on BSE.

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