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Tuesday, December 7, 2021
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Nifty Trades below 17,450 as Sensex plunges over 1,100 points

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On Monday, benchmark indexes continued to fall as Nifty Trades stayed away from bullish bets due to growing inflation and the potential of an immediate correction.

Fresh Covid cases in Europe and lockdowns in countries like Austria may boost the risk-off attitude in global markets. Another source of concern is the rise of the dollar index above 96, although the drop in crude oil is a benefit for India.

Fall of BSE Sensex

Nifty

The benchmark BSE Sensex fell by more than 1,100 points on Monday, sending equity indices plunging. The 30-share BSE index was down 1,120 points, or 1.88 percent, at 58,516 at 12:27 p.m., while the broader NSE Nifty was down 326 points, or 1.83 percent, at 17,439.

Reliance Industries (RIL), Maruti, Bajaj Finance, Kotak Mahindra Bank, HCL Tech, Bajaj Finserv, and SBI were among the worst performers on the BSE, with their shares falling as high as 6.01 percent.

All sub-indices on the NSE platform were trading in the red, with Nifty Auto and Nifty PSU Bank down as much as 3.84 percent.

Shrikant Chouhan speaks

“Given that most of the quarterly results and the festive mood are behind us, indices are expected to move sideways. As markets across the world are trying to decode the implications of rising inflation, any intensive selling by FIIs (Foreign Institutional Investors) may take Indian indices lower, unless the domestic players provide support,” Kotak Securities Ltd.’s Head of Equity Research (Retail), Shrikant Chouhan, stated.

The Mukesh Ambani-led company and Saudi Aramco have chosen to re-evaluate the proposed investment by Aramco in the oil-to-chemical (O2C) business, sending RIL shares tumbling. RIL and Aramco signed a letter of intent in August 2019 for the latter to potentially acquire a 20% interest in the Ambani-led company.

Maruti Suzuki’s stock has fallen after the company said it will not return to the diesel market.

The NSE Nifty ended the day 133 points lower at 17,764, while the BSE Sensex ended the day 372 points worse at 59,636.

On the occasion of Guru Nanak Jayanti, the domestic stock indices were closed on Friday.

On Guru Nanak Jayanti, the domestic stock indices were closed on Friday. On Monday, the Dow Jones Industrial Average dipped 0.75 percent, the S&P 500 lost 0.14 percent, and the Nasdaq Composite rose 0.40 percent.

Also Read: PRIME MINISTER MODI ANNOUNCES 2 NEW RBI SCHEMES; READ TO KNOW

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