Sensex, Nifty extend loses ahead of budget
After opening on the green mark amid mixed signals from the international market, the stock market closed on the red mark after the day’s volatility on Monday, the first trading day of the week. The Bombay Stock Exchange’s flagship index Sensex closed at a level of 48347.59, a steep decline of 530.95 points, or 1.09 per cent. At the same time, the National Stock Exchange’s Nifty lost 133 points (0.93 per cent) to close at 14238.90. Fluctuations may continue this week It is known that on Tuesday, the stock markets will be closed on the occasion of Republic Day.
The 30-share BSE Sensex was down 156.13 points or 0.31 per cent in the previous week. The stock markets may fluctuate this week between the settlement of monthly derivative contracts before the general budget and the quarterly results of companies. Experts have expressed this opinion. Quarterly results of companies will also increase market volatility. The Federal Reserve’s monetary policy is also going to be announced this week. The BSE Sensex crossed the 50,000 mark for the first time last week. Analysts said that now all eyes are on the budget of 2021-22.
The budget will provide direction for further journey of Sensex. The market witnessed a lot of ups and downs in the last year between the corona virus pandemic. The 30-share BSE Sensex hit a one-year low of 25,638.9 on March 24. However, the Sensex went to record levels during the year ahead.
TCS left Reliance behind during intra day trade
Today, Tata Consultancy Services (TCS) became the most valuable company in the country in terms of market capitalization, outpacing Reliance Industries Limited during the market hours. TCS had a market capitalization of Rs 12,45,341.44 crore during afternoon trade, while Reliance Industries Ltd (RIL) saw its market capitalization fall to Rs 12,42,593.78 crore. However, in the end, Reliance again snatched the crown of the most valuable company. When the business closed, TCS had a market capitalization of Rs 12.20 lakh crore, while Reliance had Rs 12.76 lakh crore. In fact, RIL’s quarterly results could not please investors, resulting in a 5.58 per cent fall in its stock to close at 1,935.15.
Talking about the big stocks, shares of UPL, Cipla, Axis Bank, Grasim and Hero MotoCorp closed on the green mark today. The shares of Reliance, Eitcher Motors, Tata Motors, HCL Tech and IndusInd Bank closed at the red mark. If we look at the sectoral index, today all sectors except Pharma, Metal, Finance Services and Bank closed on the red mark. These include Auto, IT, FMCG, PSU Bank, Media, Private Bank and Realty.
Continued pickup in the market in 2020
The year 2020 was a big development for the stock markets. In March 2020, the corona virus pandemic hit India. The corona virus also did not leave the stock market untouched. The domestic market fluctuated. While the stock market went down in March, the Sensex-Nifty recovered the entire loss in 2020 at the end of the year. Today the domestic stock market started on the green mark. The Sensex gained 262.71 points (0.54 per cent) to open at 49,141.25. At the same time, the Nifty opened with a gain of 98.10 points, or 0.68 per cent, at 14,470. Market closed on red mark on Friday The stock market closed on the red mark after a day’s ups and downs on Friday. The Sensex had closed at 48878.54, down 746.22 points, or 1.50 per cent. The Nifty was down 218.45 points (1.50 per cent) to close at 14371.90.
