Markets end on weak note: Sensex falls over 240 points; Nifty below 9,200-mark; ONGC top loser, slumps over 4%

The Sensex fell over 242 points on Thursday, dragged by losses in index-heavyweights HDFC twins and Kotak Bank amid rising coronavirus cases in the country.

FP Staff May 07, 2020 16:17:48 IST
Markets end on weak note: Sensex falls over 240 points; Nifty below 9,200-mark; ONGC top loser, slumps over 4%

The equity benchmarks made a weak opening tracking negative closing of the US market. Sentiments also got a dent as coronavirus cases in the country crossed 50,000 mark despite a strict weeks-long lockdown. Selling was broad-based and the market ended the session with the loss of 0.8 percent.

The Sensex fell over 242 points on Thursday, dragged by losses in index-heavyweights HDFC twins and Kotak Bank amid rising coronavirus cases in the country. After touching a low of 31,362.87, the 30-share index settled 242.37 points or 0.76 percent lower at 31,443.38. Similarly, the broader NSE Nifty slipped 71.85 points, or 0.78 per cent, to end at 9,199.05.

Meanwhile, the market got a big support from Reliance which was up by over 3 percent. All sectoral indices ended in red zone except media, metal and PSU banks. FMCG lost over 1 percent in today’s session.

ONGC was the top loser in the Sensex pack, slumping over 4 percent, followed by NTPC, Kotak Bank, Titan, Bharti Airtel and PowerGrid. On the other hand, IndusInd Bank rallied over 6 per cent. M&M, Reliance Industries, Axis Bank and Tech Mahindra were the other gainers.

Sumeet Bagadia, Executive Director, Choice Broking said, "The Index had a range bound movement today as traded in a range of 9,270-9,180 and closed below 9,200-levels at 9,199 with a loss of 71.85 points. Furthermore, the Idex is trading with the support 21DMA which suggests it will sustain above it and can show upside movements. At the present level, the Index is having good support at 9,000-level, while upside resistance comes at 9,450 levels," he said.

Deepak Jasani, Head Retail Research, HDFC Securities said, "although the Nifty is in a downtrend, the pace of fall has slowed and we could soon see a bounce in Nifty. An immediate support is at 9,178-level, while pullback rallies could find resistances at 9,277-9,347," he said.

The market tried to cut losses in the morning session but failed as selling resumed in consumer durables and banking sectors, keeping benchmarks below Wednesday's levels, said Narendra Solanki, Head- Equity Research (Fundamental), Anand Rathi to PTI.

In the afternoon session, volatility intensified amid fears that the peak of fresh COVID-19 cases was nowhere near after the case count surged past 50,000, he added.

The number of coronavirus cases in India climbed to 52,952, while the death toll rose to 1,783, according to the health ministry.

Globally, the number of cases linked to the disease has crossed 37.55 lakh and the death toll has topped 2.63 lakh.

Meanwhile, bourses in Shanghai, Hong Kong and Seoul ended in the red, while Seoul closed with gains.

Stock exchanges in Europe were trading higher in early deals.

Brent crude futures rallied 4.98 percent to $31.20 per barrel.

Updated Date:

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