Share Market Updates: Sensex Falls Over 650 Points From Day’s High As Markets Halt Rally

Share Market News: Selling pressure in select financial shares pulled the markets lower


Domestic stock markets halted a record-breaking spree on Wednesday amid selling pressure in select financial shares, as investors weighed the prospect of a coronavirus vaccine and global recovery. The S&P BSE Sensex slumped to as low as 43,028.53 in afternoon deals, having soared to an all-time high of 43,708.47 earlier. The broader NSE Nifty 50 benchmark moved in a range of more than 150 points, receding to 12,581.00 after scaling a record high of 12,769.75.

Here are 10 things to know:

  1. At 12:59 pm, the Sensex traded at 43,168.61, down 109.04 points – or 0.25 per cent – from its previous close, while the Nifty was down 5.45 points at 12,625.65. (Track Sensex, Nifty Here)  

  2. Tata Steel, Dr Reddy’s Hero MotoCorp, Hindalco and Eicher Motors, trading between 2.91 per cent and 4.48 per cent higher, were the top gainers in the Nifty basket of 50 shares. 

  3. On the other hand, IndusInd Bank, Reliance Industries, Titan and Asian Paints, down 1.61-7.45 per cent each, were the worst hit among 11 laggards in the index.

  4. The Nifty Bank and Nifty PSU Bank indices traded 0.36 per cent and 0.77 per cent lower respectively, having led gains in the markets earlier on Wednesday. (Also Read: Sensex Crosses 43,000 For First Time As Markets Rally On Vaccine Cheer)

  5. Overall market breadth turned negative, as 1,154 stocks rose on the BSE against 1,375 that fell.

  6. Shares elsewhere in Asia rose as news of a working COVID-19 vaccine seemed to inoculate investors against worry about surging infections in Europe and the US. MSCI’s broadest index of Asia-Pacific shares outside Japan was last seen trading 0.40 per cent higher, while Japan’s Nikkei 225 benchmark was up 1 per cent. 

  7. US-based drug maker Pfizer announced on Monday that its COVID-19 vaccine candidate, developed with German partner BioNTech, showed a 90 per cent success rate in preventing infection during trials. 

  8. (Also Read: No Big Correction Ahead, Say Analysts As Sensex Scales New Peak)

  9. European share markets started the day on a strong note, with the United Kingdom’s FTSE 100 benchmark last seen trading 1.79 per cent higher in early deals. 

  10. Investors awaited European Central Bank president Christine Lagarde’s comments on the European economic outlook and stimulus prospects in a speech due at 6:30 pm.

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