Nifty and Sensex today closed below their crucial levels, Bank Nifty index down 519 pts

 

Nifty and Sensex Today: Indian markets opened in a gap down after following the negative global cues. The global market sentiments got hurt after Wall Street saw its biggest sell-off yesterday in the Technology stocks. Nifty and Sensex index today slipped below their crucial 11400 and 38500 levels. In the end, markets

The market sentiments gots more negative after ICRA’s report that corporate revenue declined by 31% in the April-June end quarter. The profit margins decreased by a lesser degree to 3.6% in the June end quarter.

 Rising COVID-19 cases is also a concern for the market as India recorded over 84000 new cases in a single day. The total number of coronavirus cases are close to 40L in India

The 15th Finance Commission meeting is scheduled today to discuss the concerns of economic growth, tax collection, GST compensation to states, revenue deficit grant, and fiscal consolidation. Investors are eyeing on the meeting with the expectation of a positive outcome.

Meanwhile, traders overlooked Prime Minister Narendra Modi’s invitation to US companies to invest in India by taking advantage of its stable tax regime and attractive Foreign Direct Investment (FDI) policies.

Global markets updates

 

On the global front, Asian markets are closed in the red. After yesterday’s sell-off investors turned cautious ahead of the release of the closely watched US monthly jobs data for August due later in the evening. It is expected that US employment has surged up bu 1.4 million jobs in August.

The European markets are trading higher as bank stocks are leading on merger talks between two major Spanish lenders. The investors are also betting on the European Central Bank to maintain an easy monetary policy next week. The US Dow futures are trading higher while Nasdaq futures are trading marginally lower.

 

Nifty, Sensex, and Bank Nifty index on the spot levels today

 

At the close, the Nifty index today declined 193.60 points or 1.67% and at 11333.85 while the Sensex was down by 633.76 points or 1.62% and closed at 38357.18 levels. The Bank Nifty index also fell 519.35 points or 2.20% and closed at 23011.50 levels.

The Nifty midcap and smallcap 100 indices also closed in the red today. The midcap index fell 287.95 points or 1.67% and at 16926.20 levels. The Nifty smallcap 100 index also fell 66.60 points or 1.16% and closed at 5678.90 levels.

The top gainers in the Nifty index today are Maruti Suzuki and Zee Entertainment whereas the losers are Axis Bank, Tata Steel, JSW Steel, Adani Ports, and SBI. The most active stocks in the NSE are Reliance, Vodafone Idea, and Bajaj Finance.

In the Nifty midcap index today the top gainers are HUDCO and Jubilant Life and the losers are Adani Green Ener and Future Retail. In smallcap space, the top gainers are  Lakshmi Machine and Granule India, and the top losers are Welspun Corp and GNFC.

On a sectoral basis, all sectors closed in the red today. Banking & Finance, Oil & Gas, Metals, IT & Software, Healthcare dragged down the Nifty and Sensex index today.

 

Nifty and Bank Nifty index today in futures

 

The Nifty index today in futures opened at 11383.25, and it made a gap down opening of 159.45 points today. It has touched an intraday high at 11473.30 and a day’s low at 11309.80

The Nifty futures has given a movement of 163.5 points. In the end, it declined 167.8 points or 1.45% and closed at 11375 levels.

The Bank Nifty index in futures opened at 23300. It was made a negative opening of 247.2 points today. It has touched an intraday high at 23440 and a day’s low at 22853.90

During the day, the Bank Nifty index in futures has given a movement of 586.1 points. In the end, it declined by points or 463.2 points or 1.97% and closed at 23084 levels.

 

Conclusions

Indian markets closed in negative notes today. The global cues have dragged down the benchmarked indices. Nifty and Sensex today closed near the day’s low and extended their morning losses. The Nifty has closed above 11300 levels and there is a chance that it can take support from this level. 

To know the weekly market highlights and market happenings you can read our “Weekly Updates” Report tomorrow and “Key factors that will influence the market next week” on Sunday.

 

You may also like to read,  10 Best Stock Market books to read while in quarantine

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Happy Weekend!!

Editor’s Desk