HomeCURRENT AFFAIRSBUSINESSSensex: Nifty slipped below 16,800 , new strain of Covid causes fall...

Sensex: Nifty slipped below 16,800 , new strain of Covid causes fall in market

The domestic stock market had a weak start on the first trading day of the week. The BSE benchmark Sensex (Sensex) fell 724.22 points in early trade due to signals from the global market and the increasing case of new variants of Corona, while Nifty slipped below 16,800. Weakness in heavyweights HDFC, HDFC Bank, HUL, ICICI Bank has put pressure on the market. However, Reliance Industries, Dr Reddy’s, IndusInd Bank, HCL Tech, Bajaj Finance have recovered from the early fall in the market.

Fluctuating business is going on in the market. In the sectoral index, all sectors including banks, auto, financial services are trading in the red mark. The biggest weakness has been recorded in Nifty Realty (2.53 percent), Nifty PSU Bank (2.36 percent). Apart from this, Nifty Bank, Nifty Auto, Nifty Financial Services, Nifty IT, Nifty Metal have broken more than 1 percent.

Paytm’s parent company One 97 Communications said on Saturday that its loss has increased to Rs 481.70 crore for the quarter ending September. The company said that in comparison it had a loss of Rs 376.60 crore in the June quarter and Rs 435.50 crore in the same quarter last year. The company’s consolidated revenue from operations grew 64 per cent year-on-year to Rs 1,086.40 crore in the September quarter.

Also Read – Covid Update Today: In last 24 hours , 8,309 new cases of corona virus have been reported in India

The stock fell 4.5 percent during trading on Monday due to the second quarter results. The stock fell to a low of 1700 in early trading.

VK Vijayakumar, Chief Investment Strategist, Geojit Financial Services, said, “FPIs holding a large amount of bank shares, hence they sold heavily in this segment. Due to continuous selling, the shares of banks have become an attractive investment option from the point of view of valuation.”

He said that the main reason for the fall in the markets on November 26 is a new ‘strain’ of the corona virus.

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