Market Indices: Nifty holds 11600 levels, Sensex declined 136 pts, here’s the top reason

 

Indian stock markets indices opened flat today but later extended their losses. The market traded volatile today as traders were concern about rising coronavirus cases in the US and Europe. The midcap sectors outperformed the benchmark indices today. In the last hour, the market indices tried to recover but closed in the negative.

The market sentiment was negative as the government’s fiscal deficit rose to Rs 9.14 lakh crore, about 114.8% of the annual budget estimate. The increase in fiscal deficit reported during the first six months of the current financial year and is mainly due to poor revenue realization during the period of the Coronavirus pandemic.

The selling pressure was further seen as World Bank stated that the remittance to India would fall this year by 9% to $76 billion due to the ongoing pandemic and global recession. The World Bank said in its latest report that India followed by China, Mexico, Philippines, and Egypt continue to be the top five countries in 2020 to receive foreign remittances.

On the global front, the Asian market indices were closed in the red on Friday as traders concerns about the result of the US Presidential election early next week. The European stock market indices are trading steady on Friday after a sharp weekly sell-off. The US market Dow and Nasdaq futures are trading lower today.

 

 

Stock Market Indices: Sensex, Nifty, and Bank Nifty today

 

At the close, Nifty fell 28.40 points or 0.24% and at 11642.40 levels while Sensex declined 135.78 points or 0.34% and at 39614.07. The Bank Nifty on the spot levels closed lower by 191.10 points or 0.79% and ended at 23900.90 levels.

The Nifty midcap 100 index closed higher today whereas the smallcap index closed in the red. The midcap 100 index gained 92.45 points or 0.54% and at 17066.50 whereas the smallcap index closed lower by 20.05 points or 0.34% and at 5819.05 levels.

The top five gainers in the Nifty index for the day are Adani Ports, BPCL. Coal India, Tata Steel, and Sun Pharma. The top five losers in the nifty index for the day are Bharti Airtel, Hero Motocorp, Eicher Motors, HUL, and Maruti Suzuki. Reliance, Bajaj Finance, and Axis Banks were the most active stocks in the NSE today.

On a sectoral front, Oil & Gas, Infrastructure, Metals, Consumer Durables, and IT & Software sectors closed as major gainers today. On the losing side, Telecom, FMCG, Automobiles, Banking & Finance, and Capital goods sectors closed as major losers today

 

NSE Market Indices: Nifty and Bank Nifty futures today

 

The  Nifty futures price today opened at 11649.95, and it made a negative opening of 17.95 points today. It has touched an intraday high at 11746 and a day’slow at 11514.75

The Nifty futures price has given a movement of 231.25 points today. In the end, it declined by 27.95 points or 0.24% and closed at 11639.95 levels.

The Bank Nifty today in futures opened at 24049.95 It made a negative opening of 40.85 points. It has touched an intraday high at 24277 and a day’s low at 23565

The Bank Nifty futures today has given a movement of 712 points. In the end, it declined 151.15 points or 0.63% and closed at 23939.65 levels.

 

Conclusions

Indian stock market indices closed lower on the first day of the November series and consecutively for the third trading day. The market was volatile due to uncertainty on US election and rising coronavirus cases in Europe and the US. INDIA VIX gained 3% today and at 24.75 level.

Next week we may see some more volatility in the market due to the US Presidential election. Traders can read our “weekly market updates” tomorrow and “key factors to impact the market next on Sunday”

 

You may also like to read, Stock Market Live Morning Updates Today 30 Oct 2020

Nifty, Bank Nifty futures prediction for the week 26-30 Oct

Happy Weekend!!

Editor’s desk