NEW DELHI: Domestic equity benchmarks continued to decline after a day’s hiatus on Friday amid selling pressure in FMCG, realty and IT stocks, amid an unprecedented jump in Covid-19 cases in the country.
The announcement of higher taxes in the US also dampened the mood on Dalal Street. Many analysts, however, believe the selloff in the market may end soon as increasing vaccinations will eventually beat the spread of the deadly virus.
The 30-share pack Sensex dropped 202.22 points or 0.42 per cent to close at 47,878.45. The index gyrated in a 595.84-point range during the session, reflecting volatility in the market. Its broader peer NSE Nifty declined 64.80 points or 0.45 per cent to settle at 14,341.35.
“In the short term, there is little to protect the market from falling further. The medium and long-term story remains very compelling,” said Mark Matthews, Head Research Asia, Julius Baer.
Market at a glance
- Tata Elxsi climbs 6% after company reports 40% rise in Q4 profit
- Rakesh Jhunjhunwala-backed Nazara Tech leaps 5% after stellar Q4 show
- Fear and nervousness gauge India VIX slips 1.5%
- FMCG, realty stocks under selling pressure as pandemic continues to spread violently
- Stocks of smallcap oxygen producers continue rally as demand outstrips supplies
