Market participants witnessed a topsy-turvy session on Tuesday ahead of Prime Minister Narendra Modi’s address to the nation
at 8 pm today. Index heavyweights such as Reliance Industries (RIL), HDFC Bank, and Asian Paints contributed the most to the benchmark indices’ fall while ITC, Bhart Airtel and HDFC gave the much-needed support.RIL came under selling pressure on profit booking. The stock will turn ex-rights tomorrow
Asian Paints ended 3 per cent lower after global brokerage firm Goldman Sachs downgraded the stock to “Sell” with the target price of Rs 1,111. READ MORE
At the index level, the S&P BSE Sensex ended 190 point or 0.6 per cent lower at 31,371.12. During the day, the index hit a high and low of 31,536.89 and 30,844.66, respectively. Expectations of stimulus package boosted sentiment to an extent; however, weak global cues kept the investors cautious.
On the NSE, the 50-share index Nifty ended just shy away of the crucial 9,200-mark at 9,196.55, down 43 points or 0.46 per cent. Volatility index, India VIX, gained 0.4 per cent to 38.19 levels.In the broader market, the S&P BSE MidCap index declined 0.75 per cent to 11,411 levels while the S&P BSE SmallCap index slipped 0.58 per cent to 10,566 points.
Asian shares tumbled on Tuesday on growing worries about a second wave of coronavirus
infections after the Chinese city where the pandemic originated reported its first new cases since its lockdown was lifted. MSCI’s broadest index of Asia Pacific shares outside of Japan stumbled more than 1 per cent, snapping two straight sessions of gains.
Hong Kong’s Hang Seng index was among the hardest hit, down 1.78 per cent followed closely by Australia , off 1.24 per cent. South Korea’s KOSPI faltered 0.85 per cent. China’s blue-chip CSI300 index was off 0.5 per cent after the country’s factory prices fell at the sharpest rate in four years in April, worse than analysts’ expectations.
In Europe, shares edged higher following a clutch of upbeat quarterly earnings reports, but investors remained cautious of a resurgence in new coronavirus
cases as hard-hit economies lift lockdowns.
In oil market, Oil futures rose, boosted by an unexpected commitment from Saudi Arabia to deepen production cuts in June in a bid to help drain the glut in the global market that has built up as the coronavirus
pandemic crushed fuel demand.
(With inputs from Reuters)