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The Indian market's
volatility increased as a result of spiraling coronavirus cases in China and
the Bank of Japan's decision to keep interest rates elevated for a longer
period of time. After opening on a positive note, the market became caught in
the negative sentiment. The 30-pack BSE Sensex was down 635 points, or 1.03%, at
61,067 at the close, and the Nifty lost 186 points, or 1.01%, to finish the
volatile day at 18,199. Indian shares opened higher on positive global cues,
but as reports of a worsening COVID situation in China began to come in,
sentiment quickly turned negative. The government and its think tank, Niti,
sounded concerned about the COVID situation that was developing and the
repercussions of it, which made the mood even worse. The Covid scare in China
and elsewhere caused another drop in benchmark indices, but today's drop was
more obvious to participants because pathology labs, hospitals, and a few
pharma counters that sell Covid-related drugs were all covered in red. Even
though developed markets continued to trade in the green in the early sessions,
all sectoral indices ended in the red, with the exception of healthcare and IT.
In the wake of seeing a decent
recuperation in the past meeting, the market again went under tension on
December 20 in the midst of selling in the vast majority of the areas. After a
gap-down start, the market extended the losses as the day progressed, with the
Nifty making a low of 18,202 intraday; however, it recovered intelligently in
the second half, to close around 18,400. At Close, the Sensex was down 103.90
points, or 0.17%, at 61,702.29, and the Nifty was down 35.20 points, or
0.19 %, at 18,385.30. The Sensex was down 103.90 points,By raising the
upper band limit for the 10-year yield to 50 basis points, which is seen as a
step toward a hawkish policy shift, the Bank of Japan shocked global markets in
a completely unexpected move. This has exacerbated the global market sell-off,
which was already risk-averse due to growing concerns about a recession
following the Fed's comment. In light of this, the US GDP figures that are
expected on Thursday will show how strong the US economy is.In stocks Adani Enterprises, TCS, Reliance Industries, Axis Bank, and IndusInd
Bank were among the largest Nifty gainers, while SBI Life Insurance, Eicher
Motors, UPL, Tata Motors, and HUL were among the largest losers. On the
sectoral front, Clever FMCG, auto, PSU bank, infra and pharma records finished
lower, while some purchasing was found in the data innovation, metal and energy
names. Today, the capital goods index fell 0.4%, while FMCG, auto, and real
estate lost 0.5% to 1%. Among individual stocks, GNFC, Indiabulls Housing
Finance, and Multi Commodity Exchange of India experienced a volume increase of
more than one hundred percent. SBI Life Insurance, Max Financial Services, and
Godrej Properties all experienced brief builds, while Adani Enterprises,
Cummins India, and Interglobe Aviation experienced prolonged builds. Suzlon
Energy, Shipping Corporation of India, PNB Housing Finance, JK Paper, Axis
Bank, Jyoti, and Multi Commodity Exchange Of India are among the more than 100
stocks that reached their 52-week high.
