Categories: Business

stock market ends in red on negative global cues


stock market today

new Delhi. Stock markets closed in the last trading session of the week following pressure in the banking and finance sectors due to continued uptick in Corona cases in India and weak foreign signals. However, with the help of Reliance and heavyweight companies in the IT sector, the market decline was limited. On Friday, the Sensex closed down by 143 points and the Nifty fell by 45 points. In today's business, the most pressure was seen in banks and financial services companies.

Banking and financial sector stocks are under pressure due to fears of a lockdown rising to control and deal with the Corona crisis. In fact, delay in recovery in the economy may see pressure in banks' asset quality, as prolonged sluggishness in business is affecting the industry and people's ability to repay debt. Along with this, the slowdown of the economy has also been seen in foreign markets. Today's business has seen a decline in Asian markets. There are mixed signals from the European market.

Banking sector has seen the biggest decline in today's business. The banking sector index closed down 2.22 percent. On the other hand, the index of public sector banks declined by 2.67 percent and that of private banks by 2.38 percent. The financial services sector index closed down 1.9 per cent. The metal and auto sector index declined by less than 1 percent. On the other hand, the power sector recorded a growth of 0.53 per cent, the realty sector by 0.66 per cent and the pharma sector by 0.85 per cent.

Reliance Industries has seen the maximum increase in stocks included in the Sensex. The stock has closed with a gain of about 3 per cent. Reliance Industries has announced to start retailing of fuel under the name Jio BP tomorrow. At the same time, after the results of TCS, the stock has seen an increase. In fact, according to estimates, the company saw a sharp decline in profits due to the Corona crisis. However the company management believes that a bad phase of impact on the business of Corona crisis has passed and will see further growth. Given this, there was a purchase in stock.

This post was published on July 10, 2020 4:22 pm

Content Team

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