INDIAN EQUITY MARKET WITNESSED SELLING PRESSURE ON FRIDAY AMID WEAKNESS IN GLOBAL EQUITY MARKETS

Domestic equity market plunged nearly 4% on Friday tracking the weakness in global equity markets which fell as a rout in a steep hike in US treasury yields spooked investor’s sentiment . Q3 GDP data which is to be released today also added volatility in the Indian market. The Sensex slumped 1939.32 points, or 3.80 per cent to close at 49,099.99 with shares of ONGC, M & M, Axis Bank, Kotak Bank, Bajaj Finserve, Powergrid, HDFC, Bajaj Finance, ICICI Bank, Ultratech Cement ,HDFC Bank lose the most with having losses of 6.60%, 6.35%, 5.98%, 5.96%, 5.95%, 5.69%, 5.40%, 5.28%, 4.83%, 4.47%, 4.45% respectively. The Nifty ended at 14,529.15, down 568.20 points, or 3.76 per cent with indexes like Bank, Auto ,Energy, Metal, Media lose the most with a loss of 4.78%, 3.12%, 2.91%, 2.70%, 2.58% respectively.

TOP STOCKS IN NEWSCAST:

Axis Bank plunged nearly 6% on profit booking after a recent rally. The bank’s net profit tanked 36.4% to Rs 1,116.60 crore while total income fell 1.1% at Rs 19,274.39 crore in Q3 December 2020 over Q3 December 2019.

Kotak Bank fell over 5% to Rs.1782.35 on BSE. The Bank has agreed to subscribe to 4,995 Equity Shares in Ferbine Private Limited.

Powergrid slumped over 5% on today’s trading session. Power Grid Corp. India Ltd (PGCIL) is in advanced talks with investors for its first tranche of projects through an infrastructure investment trust (InvIT).