Stock Market Highlights: Sensex nose-dives to end 871 pts down, Nifty closes at 14,549

Nifty closed below 14,600 and the BSE Sensex lost close to 900 points, backed by weak global cues and concern of increasing COVID-19 cases. Auto, Metal and Financial stocks formed pressure on the index.

At close, the Sensex was down 871 points or 1.74 per cent at 49,180 and the Nifty was down 267 points or 1.79 per cent at 14,549.40.

On the Nifty 50 index, Cipla (2.17 per cent), Asian Paints (1.38 per cent) and Power Grid Corp (0.94 per cent) were the top and only gainers for the day, while Tata Steel (-5.17 per cent), Adani Ports (-4.29 per cent), Hindalco (-4.21 per cent), Tata Motors (-4.21 per cent) and M&M (-3.94 per cent) were the top losers for the day. On BSE, 825 stocks advanced while 2079 stocks declined.

On the sectoral front, except Nifty Pharma (0.08 per cent), all other sectoral indices ended in red, led by Nifty Metal (-3.24 per cent), Nifty Bank (-2.61 per cent) and Nifty Auto (-2.58 per cent). All other Nifty sectoral indices tanked 1.5 per cent to 2 per cent each.

The BSE Midcap and Smallcap indices lost 1.69 per cent and 1.60 per cent respectively.

Author’s View: The market continued to witness volatility. Nifty seems to be range-bound between 14,500 and 14,900. Short term traders can buy on the dip and sell close to 14,800. Long term investors should stay away from building fresh positions until there is some clarity on market direction.

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