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Metal to Realty to Banks – sectors that aided to markets freefall amid renewed Covid fears
The BSE Sensex slipped almost 1700 points to 57,107, while the Nifty50 plunged over 500 points to 17026 level at the close.
Sectors such as metal, realty, banking, and financials took the worst beating during the freefall of the domestic market on Friday, being the worst weekly drop since January 2021. The BSE Sensex slipped almost 1700 points to 57,107, while the Nifty50 plunged over 500 points to 17026 level at the close.
A key driver to the Nifty index, the Nifty Bank aided the maximum erosion in the benchmark, as the banking index tumbled almost 1340 points to the 36025 level. The 12-share index was dragged by stocks such as IndusInd Bank, Bandhan Bank, RBL Bank, Canara Bank each down between 12-6 per cent.
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The realty index saw a maximum decline than all its peers on the NSE, it closed over 6 per cent lower at the market close. Stocks such as Phoenix, DLF, Godrej Properties, and Indiabulls Real Estate each slipped between 6-10 per cent on the 10-share Nifty Realty.
Similarly, the metal was the second-weakest sector on the NSE, as the index fell by over 5 per cent at the market close, as from mid-cap to heavyweights contributed the fall. NALCO slipped most by over 9 per cent, followed by JSW Steel. Jindal Steel and Hindalco each down between 6-9 per cent.
The stocks that have been impacted much due to renewed Covid fears – theatre stocks such as PVR, Inox Leisure, InterGlobe Aviation, Indian Hotels, and other hotel company stocks as well all other hospitality sector stocks saw maximum beating during Friday’s session.
While the defensive stocks from the pharma sector such as Cipla, Dr Reddy, Solar, Alkem, Unichem Lab, Pfizer all other medical-related stocks received a buying interest during today’s session. The BSE Healthcare and the Nifty Pharma both closed around 2 per cent higher in the worst session in the year today.
The main reason said to be that have weakened the sentiment of investors during Friday’s session is renewed covid fears as a new variant of Covid-19 has been detected in South Africa. Besides, the other factors that cracked the market are: FII net sellers amounting to Rs 2300 crore; stretched valuation of markets; Brokerage downgrades; Concern over the liquidity tapering by the US Fed.
(Disclaimer: The views/suggestions/advices expressed here in this article are solely by investment experts. Zee Business suggests its readers to consult with their investment advisers before making any financial decision.)
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