Markets snap 8-day winning streak; sensex drops 236 pts

Markets snap 8-day winning streak; sensex drops 236 pts

MUMBAI: Snapping its eight-session winning run, equity benchmark sensex ended 236 points lower on Thursday, tracking losses in financial counters as profit-booking emerged amid lacklustre global cues.
The new set of stimulus measures announced by the government also failed to enthuse investors, traders said.
After dropping 466.12 points during the day, the 30-share BSE index ended 236.48 points or 0.54 per cent lower at 43,357.19.
Similarly, the broader NSE Nifty slipped 58.35 points or 0.46 per cent to 12,690.80.
SBI was the top loser in the sensex pack, shedding around 3 per cent, followed by Kotak Bank, IndusInd Bank, NTPC, ICICI Bank, Axis Bank and HDFC Bank.
On the other hand, HUL, ITC, L&T, Bajaj Finserv and Tech Mahindra ended with gains.
“Having witnessed continued rebound for last eight trading days, domestic equities finally took a pause today and profit booking was visible in financials stocks,” said Arjun Yash Mahajan, Head Institutional Business at Reliance Securities.
Announcement of fiscal stimulus under Atmanirbhar Bharat 3.0 by the finance minister mainly focused on job creation and pick up in infrastructure developments in the country, he stated.
He added that a large number of mid-cap and small-cap stocks witnessed rebound with emerging clarity over corporate earnings in the backdrop of favourable management commentary and the government’s serious efforts to spur investment activities in the country.
Announcing a slew of measures to boost the economy, finance minister Nirmala Sitharaman earlier in the day said the Indian economy is witnessing a strong recovery after a long and strict lockdown.
She unveiled a new job creation scheme by giving subsidy to those establishments that make new hires. The subsidy would be to cover for retirement fund contributions by employees as well as employers for two years.
Elsewhere in Asia, bourses in Shanghai, Hong Kong and Seoul ended in the red, while Tokyo settled on a positive note.
Stock exchanges in Europe were also trading with losses in early deals.
Meanwhile, international oil benchmark Brent crude was trading 0.07 per cent lower at $43.77 per barrel.

Source From : Times Of India

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