The benchmark indices lost the crucial support levels and settle in red bearish market. Sensex plunged by 708 points to close at 33538 losing 34000 mark and nearing 33000 levels. While Nifty50 ended at 9902 slipping by 214 points ending near 9900 levels. Global markets fluctuate after a faint display of recovery by the US Federal Reserve. It marked a challenge for smooth and fast recovery with optimism fading globally. As a result, Rupee continues the losing streak against the US Dollar.
Various concerns forced the domestic equity market to plunge with investors’ hopes of fully restarting of the economy coming to a halt. AGR case is postponed to 18 June which highlighted the telecom stocks in today’s session. Fearing news is prevailing about the implementation of lockdown restrictions once again to help curb the COVID-19 cases which held investors’ sentiments negative. Also, the Fed’s announcement lowered the hopes for fast recovery in the US economy with employment and economy growth shrinking.
A direct sync of domestic market with global changes pose a threat and analysts advise investors to stay cautious.
Top Gainers: S&P BSE Sensex and Nifty50
In the BSE market, Intense Tech topped the gainer’s list surging by 20%. Other gainers included Ramco System, Vishal bearing, Munjal Auto Industries and Coastal Corporation increasing by 19.97%, 19.91%, 17.29% and 15.38% respectively. In the NSE market, Ramco System gained the most by 19.96%. Followed by JTEKT India, Panacea Biotec and Music Broadcast rising by 19.03%, 18.85% and 11.15% respectively.
On BSE Sensex index, 5 stocks advanced including IndusInd Bank gaining the most by 4.49%. Followed by Hero MotoCorp, Power Grid Corp, Nestle and M&M surging by 0.73%, 0.44%, 0.26% and 0.19% respectively. On NSE Nifty50 index, IndusInd Bank followed by Power Grid Corp, M&M, Nestle and Bajaj Auto rose by 4.71%, 0.56%, 0.53%, 0.44% and 0.05% respectively.
Losers: S&P BSE Sensex and Nifty50
In the BSE market, Lex Nimble Solutions dropped the most by 20%. Followed by Tera Software, Aarey Drugs, Agarwal Industries and IVP losing 13.07%, 11.43%, 10% and 9.56% respectively. In the NSE market, Tokyo Plast topped the list by 11.07%. Other losers from today’s session include Nectar Life, Xelpmoc Design, Salzar Electro and Bharti Infratel losing 10.17%, 9.97%, 9.83% and 9.41% respectively.
On BSE Sensex index, SBI lost the most by 5.64%. Followed by Sun Pharma, Maruti Suzuki, ICICI Bank and Bharti Airtel dropping by 5.12%, 4.18%, 3.47% and 2.76% respectively. On NSE Nifty50 index, Bharti Infratel was at the top by 9.41%. Further, Zee Entertainment Ltd., Vedanta, Tata Motors and Grasim declined by 7.30%, 4.76%, 4.71% and 3.93% respectively.
FII and DII
Foreign Institutional Investors took out a total value of INR 805.14 crores from the domestic financial market. Foreign investors bought stocks of value INR 3805.18 crores and sell-off a total of INR 4610.32 crores making a dent in the stock market.
Domestic Institutional Investors bought a total value of INR 3027.31 crores and sold-off stocks of value INR 3901.66 crores during the session. Domestic investors took out a value of INR 874.35 crores from the equity market as a result of negative performance.