Stock Market Highlights: Sensex falls 870 points, closes below 50,000

The benchmark indices ended in deep red on concern over rising COVID-19 cases. Nifty settles below 14,650 and the Sensex loses over 850 points to close below 50,000.

At close, the Sensex was down 870.15 points or 1.74 per cent at 49,159.32 and the Nifty was down 229.60 points or 1.54 per cent at 14,637.80. About 1063 shares have advanced, 1848 shares declined and 180 shares remain unchanged.

On the Nifty 50 index, HCL Tech (3.08 per cent), TCS (2.33 per cent), Britannia (2.26 per cent), Wipro (2.17 per cent) and Infosys (1.78 per cent) were the top gainers for the day, while Bajaj Finance (-5.87 per cent), IndusInd Bank (-5.63 per cent), SBI (-4.61 per cent), Eicher Motors (-4.33 per cent) and M&M (-4.10 per cent) were the top losers for the day.

On the sectoral front, the Nifty PSU Bank index lost 4 per cent, Nifty Bank was down by over 3 per cent and the Auto index declined more than 2 per cent. Nifty IT gained 2 per cent.

The BSE Midcap and Smallcap indices lost 1.13 per cent and 1.08 per cent respectively.

Author’s View: The market is getting volatile and witnessed a huge sell-off as the second wave of COVID-19 is getting bigger than expected. Traders should avoid trading in the index, till the volatility settles down and a clear trend is determined. Investors and swing traders can continue to use buy on dip strategy for stocks.

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