The domestic market followed its global peers and witnessed selling in all major sectors. The market focus has shifted from broader markets to largecap stocks, especially the defensive sectors. Though metals started the week outshining other indices, a sharp plunge in iron ore futures across the world triggered heavy selling in the sector.
“In the absence of key domestic economic data points, the market is expected to continue its focus on global events in order to gain momentum. Global rise in Covid cases is also a cause for worry, keeping the volatility high,” said Vinod Nair, Head of Research at Geojit Financial Services.
Here are the major gainers and losers of today:
FMCG stocks: Shares of FMCG companies like HUL and Asian Paints were in great demand as investors moved towards safety amid global sell-off. Consumer goods stocks are sought after in times of crisis as they provide safety.
Nelco: The sell-off in the market could not stop the rally in shares of Nelco, which has been on the rise after reports said it is in advanced MSA talks with Telesat to offer satellite broadband in India. The counter climbed another 5 per cent today.
Metal block: Shares of metal stocks like Vedanta, NMDC and Tata Steel plunged as much as 10 per cent following a fall in iron ore futures prices. These shares have been on a dream run in the last few months, but a profit booking has cooled them off now.
Aarti Industries: Shares of speciality chemicals maker fell about 3 per cent after the company said it was carving out its pharma business into a separate company. Analysts said it may be because the company was not offering enough shares of the resultant company to its shareholders.
CarTrade: The debut of CarTrade was not as investors of the company expected. On its first day on the bourses, the stock declined over 7 per cent over its issue price. It is one of the few IPOs in recent times that started its secondary market journey in the red.
Vodafone Idea: Shares of Vodafone Idea were under selling pressure despite the company clarifying that it has not defaulted on its license fees. The stock tumbled over 7 per cent to trade below Rs 6.
