Indian shares gave up early gains to end sharply lower on Friday amid souring risk sentiment in the global markets.
This year’s Economic Survey tabled in Parliament today by the Chief Economic Adviser (CEA) Krishnamurthy Subramanian also failed to cheer investors.
The Sensex fell as much as 1,138 points from the day’s highest level to end the session down 588.59 points, or 1.26 percent, at 46,285.77.
The broader NSE Nifty index slipped 332 points from the day’s high to settle at 13,634.60, down 182.95 points, or 1.32 percent, from its previous close. Selling was backed by very high volumes in the last hour of trade.
Bharti Airtel, Tata Steel, Hero MotoCorp, Maruti Suzuki and Dr Reddy’s Laboratories lost 3-5 percent, while private sector lender IndusInd Bank surged 6.1 percent ahead of its earnings release.
Sun Pharma climbed 4.3 percent after its Q3 consolidated net profit jumped over two-fold. HDFC Life, HDFC Bank and ICICI Bank rose 1-2 percent.
PSU banks such as Bank of India, Punjab National Bank and Canara Bank rallied 3-4 percent after the Economic Survey 2021 called for adequate capitalization of public sector banks. If capital is not provided, lenders may resort to risk-shifting and this may impact the real economic recovery, it said.
Market Analysis
Sensex, Nifty Extend Declines For Sixth Day
2021-01-29 11:24:07
