Sensex falls today: Sensex falls 635 points. Here are 4 factors behind the decline | Jobs Vox

New Delhi: Indian stock markets fell sharply on Wednesday on concerns over a rise in the number of Covid cases globally and fears ahead of the release of minutes of the latest reserve policy meeting and key macroeconomic data from the US.

Selling was seen in all major sectors, except for healthcare, pharmaceuticals and recession-feared IT stocks.

The 30-share Sensex fell 635 points to end at 61,067, while its broader Nifty 50 ended below the 18,200 level. Meanwhile, the market capitalization of all listed companies on the Belgrade Stock Exchange fell by 4.55 million crowns to 282.84 million crowns.

In the Sensex pack, IndusInd Bank, Bajaj Finserv, Maruti and UltraTech Cement were the top losers, falling over 2%. Tata Motors, Akis Bank, Kotak Bank, Bajaj Finance and SBI also closed with cuts. However, Sun Pharma, HCL Tech, TCS, Tech Mahindra and Nestle closed with gains.

Sector-wise, Nifti Healthcare index rose 2.67%, Nifti Pharma rose 2.39% and Nifti IT rose 0.53%. While Nifti Bank, Nifti Auto and Nifti Metal declined. In the broader markets, the Nifty Midcap50 fell by 1.37% and the Smallcap50 by 1.65%.

The BSE Sensex fell more than 1,000 points from the day’s high and slipped below the 61,000 mark. Around 2:30 p.m., the 30-pack index fell by 700 points. Meanwhile, the NSE’s barometer Nifti50 fell around 225 points, sliding to 18,162.

“Bears continued to wreak havoc on the domestic market as Wall Street snapped a losing streak ahead of the release of US GDP data.” While all other sectors bled, pharma stocks were high on renewed fears of the global COVID outbreak and IT witnessed bargain buying,” said Vinod Nair, head of research at Geojit Financial Services. As the number of Covid-19 cases rises in China, Asian markets ended lower, with Japan’s Nikkei 225 down 0.68%, South Korea’s Kospi down 0.19% and China’s Shanghai Composite down 0.17%.

The rupee saw a moderate decline against the dollar on Wednesday. The rupee last traded at 82.81 to the dollar, compared with 82.75 in the previous session. February Brent crude futures rose 1.44 percent to $81.14 a barrel.

Market breadth was skewed in favor of the bears. About 2,765 shares fell, 786 rose, and 113 remained unchanged.

Here are the key factors that dampened market sentiment:

Amid a surge in Covid cases in China and the US, India’s Health Minister Mansukh Mandaviya discussed the situation with experts. “Covid is not over yet. I ordered all interested parties to be vigilant and increase surveillance,” said the minister.

• RBI Policy Minutes Meeting

The Reserve Bank of India (RBI) will release the minutes of its latest monetary policy meeting held earlier this week. Traders will be looking for clues about the rate hike path based on what members said at the last meeting. The Santa rally fizzled out ahead of Christmas as traders lost profits amid fears of a global recession. Indian markets remained volatile in the last few sessions due to muted global sentiment. India’s fear meter jumped sharply after a sudden sell-off on Dalal Street. The India VIX jumped as much as 12% to 15.43, indicating scared and anxious sentiment among traders at home.