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Domestic Stocks Markets Corrected today; Sensex fell 695 points & Nifty 50 fell below 13,000 level

BSE Sensex
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BSE Sensex (Photo/IANS)

Highlights

The equity benchmark indices corrected sharply and ended with heavy losses on Wednesday, November 25, 2020.

The equity benchmark indices corrected sharply and ended with heavy losses on Wednesday, November 25, 2020. The S&P BSE Sensex tumbled 694.92 points or 1.56 per cent to close at 43,828.10. The Nifty 50 index fell 196.75 points or 1.51 per cent to 12,858.75. The Nifty Bank fell 540.85 points or 1.82 per cent to end at 29,196.40.

In the broader market at BSE, the BSE Mid-Cap index lost 1.76 per cent while the BSE Small-Cap index fell 1.13 per cent.

In line with expectation, profit booking was across all the sectors. Global cues were neutral; Dow Futures and Nasdaq Futures were flat, whereas FTSE was down by 0.4 per cent.

The market breadth was weak. On the BSE, 1,126 shares rose and 1,660 shares fell. In the Nifty 50 index, 7 stocks advanced while 43 stocks declined. The top gainers on Nifty 50 block were ONGC (up 5.91 per cent), GAIL (up 1.65 per cent), Adani Ports (up 1.44 per cent), SBI Life (up 1.32 per cent) and Coal India (up 0.49 per cent). The major losers include Eicher Motor (down 3.72 points), Axis Bank (down 3.44 per cent), Kotak Mahindra Bank (down 2.97 per cent), Sun Pharma (down 2.53 per cent) and Bajaj Finance (down 2.43 per cent).

COVID-19 update

Total COVID-19 confirmed cases worldwide were at 5,97,62,055 with 14,09,301 deaths. India reported 4,44,746 active cases of COVID-19 infection and 1,34,699 deaths while 86,42,771 patients have been discharged.

US Political Situation

Uncertainty in US politics has also eased after the Trump administration officially began the transition process to President-elect Joe Biden following weeks of delay. US President-elect Joe Biden moved swiftly to make Cabinet choices after defeating President Donald Trump, who gave the go-ahead for Biden to start receiving daily intelligence briefings.

Cyclone Nivar

India Meteorological Department (IMD) said Cyclone Nivar is likely to cross Tamil Nadu and Puducherry coasts between Karaikal and Mamallapuram around Puducherry during the night of November 25, 2020. The MeT Department has predicted that Cyclone Nivar will make landfall as a "severe cyclonic storm" with a wind speed of 120-130 kilometre per hour gusting to 145 kilometres per hour. IMD-Chennai has sounded Red Alert from extremely heavy rainfall in seven districts.

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