Sensex Descends 323 Points; The US Fed Outlook Ruins the Party for D-Street
On Thursday, 17 September 2020, Following frail worldwide cues, the bears pushed the benchmark indices beneath vital support levels on September 17, as the S&P BSE Sensex fell in excess of 300 points and the Nifty50 tumbled under 11,600.
The Sensex finished the day 323 points lower to 38,979 and the Nifty50 dismissed 88 points to 11,516.
If you talk about sector-wise performance, the top sectors which benefited in today’s market stand to be Healthcare and IT stocks, while in sectors like Utilities, Realty, Metal, Bankex, capital goods, and power.
The broader markets outgrew the benchmarks. The S&P BSE midcap index was low 0.2 percent while the S&P BSE smallcap index was low 0.5 percent.
HCL Technologies, ZEE Entertainment, and Dr. Reddy’s Laboratories were among the top Nifty gainers.
Shree Cements, Tata Motors, and Hindalco were among thetop Nifty losers.
Stocks of the day
If talking about the stock sector-wise, the S&P BSE healthcare index climbed 0.4 percent, while the S&P BSE IT index rose 0.23 percent.
Selling pressure was seen in the S&P BSE realty index, which was down 1.8 percent. The BSE metal index fell 1.2 percent and the Bankex was down 1.1 percent.
A volume spike of more than 100 percent was seen in HCL Technologies, UBL, Tech Mahindra, and SRF.
The stocks like Chola Finance, Havells India, and SAIL showed Long buildup.
The stocks like Siemens, Bosch, and JSW Steel showed a short buildup.
More than 150 stocks on the BSE including Dr. Reddy’s Laboratories, SRF, and Info Edge hit a fresh 52-week high.
Copper costs evidently edged lower to Rs 527.45 per kg on September 16 as members expanded their short situation as observed by the open interest. LLP
Gold costs sneaked past Rs 96 to Rs 51,797 for each 10 gram in the Mumbai market on a rally in the financial exchange, or better to state, the stock market, and rupee appreciation. Members anticipate the US Federal Reserve's arrangement explanation tonight.
Cotton futures held steadily at Rs 18,020 for each bunch on September 16 as members enlarged their positions, shown by the open interest. Also, Cotton futures costs rallied tracking a rally in ICE Cotton futures in the very first session of the week.
Natural gas' fates edged higher to Rs 175.70 per mmBtu on September 16 as members expanded their long situations as observed by the open interest. Natural gas had increased 2.3 percent yesterday on NYMEX.