Business & Investment

Sensex drops more than 250 points and gives up initial profits.Steel stocks shine

New Delhi: The National Benchmark Index has lost momentum and gave up its first rise on Wednesday morning. However, higher-than-expected corporate profits continued to provide some support.

Steel stocks were in special demand after Tata Steel reported its numbers. Bank stocks were trading at reduced prices, putting pressure on the index.

“Sector rotation is happening and could accelerate in the future. In 2020, when the pandemic raged, Pharma was a market darling. This year, banks, cars, cement, metals, capital goods, etc. The economy facing this segment can be strong. Of course, IT is facing a strong problem, “said VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

Factors that move the market

  • Stimulation Comes: U.S. President Joe Biden said on Tuesday that he agreed with Democrats’ proposal to limit or phase out stimulus payments to high-income earners as part of the $ 1.9 trillion coronavirus rescue bill. It was.
  • Slow job creation: US layoffs eased in December and job openings increased moderately. This suggests that companies have reduced employment in the uncertainty of the COVID-19 rampage.

Performance of excellent companies

After opening on the green, the benchmark index has fallen. At 10:44 am, the BSE flagship Senssex fell 275.67 points (0.54%) to 51,053.41. Nifty in the NSE benchmark followed, down 79.50 points or 0.53 percent to 15,029.80. In the 50-share pack Nifty, SBI Life Insurance rose 2.69%, the largest rise. Acquirers included HDFC Life Insurance, Bajaj Finserv, UltraTech Cement, GAIL, Tata Steel, Cipla and Grasim Industries.

Adani Ports was the top loser in the pack, down 2.61%. Axis Bank, Bharti Airtel, Titan, L & T, Coal India, Infosys, HDFC Bank, Tech Mahindra and IndusInd Bank were the other losers.

Wider market

The broader market index traded in the morning trading with higher profits than its headline peers. Nifty Smallcap increased by 0.68% and Nifty Midcap increased by 0.38%. Nifty500, the widest index in NSE, rose 0.17%.

SAIL, Max Financials, Whirlpool, Ircon International, IEX and JB Chemicals are major acquirers in this area, while Karur Vysya Bank, Kaveri Seeds, Alok Industries, Future REtail, Mahanagar Gas and Dalmia Bharat are under selling pressure. I did.

Global market

Australia’s S & P / ASX 200 index rose 0.5% and the S & P 500 e-mini futures rose 0.14%. Japan’s Nikkei 225 fell 0.31 percent.

On Wall Street, the major stock indexes remained largely unchanged, but the tech-intensive Nasdaq Composite reached a record high of 0.14%. The S & P 500 fell 0.11 percent and the Dow Jones Industrial Average fell 0.03 percent.

Bitcoin, which rose 19.5% on Monday, fell 0.1% to $ 46,354 as Asian trading began.

Sensex drops more than 250 points and gives up initial profits.Steel stocks shine Sensex drops more than 250 points and gives up initial profits.Steel stocks shine

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