The domestic stock markets showed a lot of ups and downs on Wednesday. The markets which opened strongly in the morning closed in the red mark in the evening. Key indices lost their lead later in the afternoon due to selling in heavy shares.
The hope of early economic activity is over with increased lockdown. This will affect the growth rate of the economy. The industry is worries over the increased lockdown period. However, some relief is expected from April 20.
The International Monetary Fund (IMF) on Tuesday predicted India’s economic growth rate to be less than 2 percent in 2020. Barclays has also said that India’s economic growth rate could be zero in 2020.
The BSE Sensex closed down 310 points, or 1.01 percent, at 30,380. At the same time, the Nifty 50 index fell 69 points or 0.76 percent to 8,925. However, the BSE Midcap index closed up one percent and the Smallcap index closed up 1.25 percent.
Kotak Mahindra Bank shares plunged over 6 percent on the Nifty 50 index. In addition, Hero MotoCorp, Bajaj Finance, Maruti Suzuki, HDFC, HDFC Bank, Mahindra & Mahindra, Titan Company, Sun Pharma and Reliance Industries were the biggest losers.(markets)
On the other hand, UPL shares jumped over 8 percent. After this, shares of Hindustan Unilever, Britannia Industries, HCL Technologies, ITC, Shree Cement, Nestle India, Ultratech Cement, IndusInd Bank, and JSW Steel have recorded the most gains.
On Wednesday, the finance services index weakened by 3 per cent and the private bank index by two per cent. The auto index also registered a decline of up to 1.75 percent. Shares of the finance services index Shriram Transport were up 4 per cent. Motherson Sumi shares jumped 13 percent on the auto index.
In contrast, the FMCG index gained up to four per cent. The realty index also rose by two per cent. The FMCG index also lost the most shares of UBL. Only one share declined on the realty index. Media, IT and metal indices also rose by one percent each.
In contrast, the realty index plunged by five per cent. The media and finance services index also slipped three to three and a half percent. Shares of Phoenix Mills fell more than 12 percent on the realty index. The value of Cholamandalam’s shares on the Financial Services Index was cleared by 12.5 per cent.
Shares of 17 companies reached their 52-week high on Wednesday’s trading session. In contrast, shares of 21 companies slipped to their 52-week low.
27 stocks green on the Nifty 50 index, while 23 stocks ended the trade with a red mark. One Darshan shares gained on the Sensex, while 18 stocks disappointed. On the BSE, 1,432 stocks closed higher and 960 shares were seen softening.