- by Soumili Roy
- 23rd Sep 2020
Nifty Breaks 11,200; Market Plunges for 4th Straight Day; Sensex Below 38K
On Tuesday, 22 September 2020, Indian market succumbed to the fourth sequential day on September 22 after hushed worldwide cues to hit a 7-week low. The S&P BSE Sensex tumbled by 300 while the Nifty50 shut beneath 11200 levels.
We should take a gander at the last count on D-Street – the S&P BSE Sensex was down 300 points to 37,734 while the Nifty50 fell 96 points to close at 11,153.
Sector-wise performance
If you talk about sector-wise performance, the top sectors which benefited in today’s market stand to be IT space, while in sectors like Oil & Gas, Capital Goods, Realty, Consumer Discretionary profit-taking was seen.
Additionally, on the broader markets front – the S&P BSE Mid-cap index plunged by 1.7 percent and the S&P BSE Small-cap index was low by 1.6 percent.
Sun Pharma, Tech Mahindra, TCS and HCL Technologies were among the top Nifty gainers.
Adani Ports, Bharti Infratel, and ZEE Entertainment were among the top Nifty losers.
Stocks of the day
If talking about the stock sector-wise, the selling pressure was found in the Capital Goods index which was low 2.4 percent, trailed by the S&P BSE Oil and Gas index that stumbled 2.3 percent, and the S&P BSE Energy list was low 1.9 percent.
Valid action was visible in IT stocks which climbed 0.9 percent.
A volume spike of more than 100 percent was witnessed in Ambuja Cements, SBI Life, Tata Chemicals, and Adani Enterprises.
The stocks like HCL Tech, Adani Enterprises, and Page Industries showed Long buildup.
The stocks like Bata India, JSPL, and Bharti Infratelshowed a short buildup.
More than 100 stocks on the BSE including TCS, Hexaware, and Sasken Technologies hit a fresh 52-week high.
Commodity market
Zinc costs edged higher to Rs 194.75 per kg on September 22. The open interest proposed an expansion in long positions. Base Metals exchanged sideways to higher following bounce back in European equities yet a firm dollar index restricted the upside.
Zinc costs are getting support from lower stock at SHFE distribution centers and cheery interest from China.
Natural gas fates rose to Rs 138.40 per mmBtu on September 22 as members expanded their long situations as observed by the open interest. Petroleum gas had declined 10. 4 percent yesterday on NYMEX. Natural gas costs drooped yesterday as a major aspect of auction across products on stresses over rising Covid cases and a report of dubious overall financial exchanges.
Gold costs slipped by Rs 658 to hit Rs 50,683 for each 10 gram in the Mumbai market on a solid dollar and stifled global cues. The valuable metal costs decay on sharp dollar recuperation as safe-haven purchasing changed to dollar with increasing Covid cases and dread of another lockdown in Europe and the UK. As the instances of individuals getting influenced and individuals kicking the bucket due to the pandemic are expanding, market members are getting restless about what steps and strategy estimates will be declared to check the equivalent.
Silver costs cornered lower to Rs 60,357 for every kg on September 22 as members expanded their short situations as observed by the open interest. The valuable metal had declined 9.67 percent yesterday on MCX.
