The stock market dropped dramatically towards the end of the business day on Friday.
New Delhi, PTI: After a day of trading, the stock market finished with a loss on the last trading day of the week. The BSE Sensex finished at 57,107.15 on Friday, losing 1687.94 points, or 2.87 percent. Including the BSE, the NSE saw a dip on the penultimate trading day of the week. The NSE’s flagship index Nifty similarly dropped 509.80 points, or 2.91 percent, to settle at 17,026.45 points at the end of the day’s trade.
DR REDDY, NESTLEIND, ASIAN PAINT, and TCS all concluded with green marks after trading on Friday. WHEREAS, HINDUNILVR, POWERGRID, HCL TECH, SUN PHARMA, INFY, BAJAJ-AUTO, HDFCBANK, TECHM, AXISBANK, ULTRACEMCO, ITC, RELIANCE, KOTAK BANK, BHARTIARTL, ICICIBANK, LT, BAJAJFINSV, SBIN, TITAN, BAJFINANCE, NTPC, TATASTEEL, MARUTI, and INDUSINDBK all finished the day with losses.
On October 19, the Sensex surpassed 62000 for the first time. Since then, the stock market has dropped 8%. Investors already have sunk 14 lakh crores. As per Dr. Ravi Singh, VP of Stock India, the concern of Covid’s re-establishment has caused a lot of selling in Asian markets. In South Africa, a new Corona variety has been discovered. As a result, there is a chance that additional limits may be imposed around the country.
FII has outperformed Nifty, so according to Singh. This wasn’t the case that year. FIIs and ordinary traders are hedging their bets as the year draws to a close. As a result, an income period has developed. The 16800 level will provide support for Nifty, whereas the 55000 level will provide support for the Sensex.
Credit – Komal Sharma