Scientists said mutants detected in South Africa could evade the immune response. British officials believe this is the most important variant to date and are rushing to impose a travel ban on South Africa, fearing it may resist the vaccine.
How about good stocks
After opening in the red, the benchmark index plummeted. At 9:27 am, the BSE flagship Sensex fell 834 points (1.42%) to 57,960. Nifty in the NSE benchmark fell 258 points (1.4705%) to 17,278.
“Technically, the Nifty 50’s main resistance levels are 17,620, followed by 17,700, with the disadvantages of 17,400, followed by 17,270 serving as strong support. Bank Nifty’s main resistance and support are 37,540 and 37,150, respectively. “That’s what Mohit Nigam, Head of PMS at Hem Securities, said.
In Nifty, a 50-share pack, Dr. Reddies Labs had the largest price increase, up 1.29%. Cipla and Sun Pharma were among the other winners.
ONGC was the top loser in the pack, down 2.97%. Tata Motors, Mahindra Bank of Kotak, Tata Steel, Maruti Suzuki, SBI, Hindal Coindustries and Bajaj Finserve traded in the red.
Factors that move the market
New Covid variant: Hours after South African authorities announced that they had detected a new variant of the new coronavirus with a “very rare constellation” of mutations, the center was a traveler from three countries where the variant was confirmed. Or instructed the state to rigorously screen and test travelers passing through three countries. — South Africa, Botswana, and Hong Kong.
Other blockades: European countries expand COVID-19 (new coronavirus infection) Booster vaccination and overnight curb. Slovakia announced a two-week blockade, the Czech government closed the bar early, and Germany exceeded the threshold of 100,000 COVID-19-related deaths.
Yield reduction: After Thanksgiving holidays, Treasury moves also surged, with yields rapidly retreating some of the week’s rise. The benchmark 10-year yield fell by nearly 6 basis points to 1.5841 percent.
Tatapower, M & M between five stocks that Jeffreys says can plummet to 54%
Potential Wealth Destroyer
After a phenomenal backlash, fundamentals of some companies suggest that their stock has acquired too much for their own benefit. Revenues and margins may not be keeping up with the rise in stock prices, so they may now fall. Jeffreys India’s equity analysts consider this in the coverage world. The brokerage firm has proposed five names that are likely to plummet 54 percent from their current levels.
The broader market index traded lower and outperformed their major peers in the morning trading. Nifty Small Caps fell 0.69 percent, while Nifty Mid Caps fell 1.13 percent. Nifty500, the widest index in NSE, fell 1.24%.
Dr Lal Pathlabs, Fortis Healthcare, Aditya Birla Capital, Trident, AstraZeneca and Thyrocare Technologies benefited from this area while PVR, DeltaCorps, SpiceJet, Godrej Properties, National Aluminum and Indian Hotels were under selling pressure. ..
MSCI’s widest non-Japanese Asia Pacific stock index fell 1.3%, the sharpest drop since September. Casino and beverage stocks sold out in Hong Kong, and travel stocks fell in Sydney.
Japan’s Nikkei Stock Average fell 2.5%, and US crude oil futures fell nearly 2% amid new demand concerns.
Selling in Asia is the worst weekly course since early October and has a global market share. Dow Jones futures fell 1%, while FTSE futures and Eurostocks 50 futures each fell about 1.4%.
Stock Market Crash: Sensex Crashes More Than 800 Points: The Key Factors Behind the Market Crash
https://economictimes.indiatimes.com/markets/stocks/news/sensex-crashes-over-800-points-key-factors-behind-market-fall/articleshow/87923082.cms Stock Market Crash: Sensex Crashes More Than 800 Points: The Key Factors Behind the Market Crash