Nifty50 closed near 11200 levels and the Bank Nifty index was down by 422 pts.

 

Nifty50 & Bank Nifty Index today- Indian stock market opened in the red following global peers. The weakness in the market is due to a spike in coronavirus cases, weak job data in the US, and the recent tension between the US and China. The Nifty later in the second half recovered most of its losses.

The Indian market sentiments got negative due to the disappointments of quarterly earnings by some blue-chip companies. Besides, investors remained concerned with Economic Affairs Secretary Tarun Bajaj’s statement that the government is unlikely to meet the Budget targets for the current financial year FY21 due to the COVID-19 crisis. He also said that the contraction in economic growth may not be as severe as being pointed out by the outside world.

On the global front, Asian markets were closed in the red, following the weak cues from the US markets. The weak job market data and increasing coronavirus cases, and the US and China tension dragged down Wall Street yesterday. 

The European markets are trading in the negative zone today. In the US futures market, Dow and Nasdaq futures are trading lower today.

 

Nifty50, Sensex, and Bank Nifty index today on spot level.

 

At close, Nifty50 declined 21.30 points or 0.19% and at 11194.20 while Sensex was down by 39.35 points or 0.10% and at 38101.12. The Bank Nifty index was down by 421.90 points or 1.83% and closed at 22662 levels.

The top gainers in the Nifty50 index for the day are Reliance, HCL Tech, Tech Mahindra, Sun Pharma, and Infosys. The losers in the Nifty50 index for the day are Zee Entertainment, Hindalco, Axis Bank, SBI, and Gail. The most active stocks in the Nifty50 index for the day are Reliance, Bajaj Finance, and ICICI Bank.

The Nifty midcap and smallcap 100 indices were closed in mixed. The Nifty smallcap index was marginally down by 43.05 points or 0.28% whereas the Nifty smallcap was up by 10.85 points or 0.22%. 

The top gainers in the Nifty midcap index are Mphasis and Syngene Intl whereas the top losers are Yes Bank and Future Retail. The top gainers in the Nifty smallcap are Granules India and Deepak Nitrite and the losers are Indiabulls Real and Ujjivan Finance.

On a sectoral basis, OIl & Gas, IT & Software, and Textiles are closed in the positive whereas Metals & Minings, Banking & Finance, Automobiles, Infrastructures, and Telecom sectors are closed in the red today.

 

Nifty50 and Bank Nifty Index in futures today

 

The Nifty50 index today in futures opened at 11093.90, it made a negative opening of 113.65 points today. It has touched an intraday high at 11198.95 and a day’s low at 11062

The Nifty50 index in futures has given a movement of 136.95 points. In the end, it declined by 37.55 points or 0.34% and closed at 11170 levels

The Bank Nifty index in futures opened at 22850 it was made a negative opening of 245.25 points today. It has touched an intraday high at 22901.05 and a day’s low at 22321

During the day the Bank Nifty index in futures has given a movement of 580.05 points. In the end, it was down by 480.30 points or 2.08% and closed at 22614.95 levels.

 

Conclusions:

Indian benchmark indices recovered most of its early losses today amid negative global cues. Investors were worried about increasing coronavirus cases in the US, India, and other parts of the world. The recent tension between the US-China was also a concern for the investors today. Though the global cues are not positive Indian markets are looking strong after today’s smart recovery in the end.

Please read our Weekly Market Updates and Factors that will influence the market next week and Nifty50 and Bank Nifty index weekly prediction in futures tomorrow.

 

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Editor’s Desk