Sensex and Nifty today | Weekly market updates
Sensex and Nifty today closed more than 1% lower ahead of Union Budget 2021
Sensex and Nifty Today: Indian stock markets made a positive start amid mixed Asian market cues. The benchmark indices Sensex and Nifty today erased most of their initial gains in the morning deal as traders remained cautious ahead of the Union Budget and important global events. Markets remained volatile throughout the day and extended their losses in the end.
The Finance Minister has tabled the Economic Survey 2020-21 in Parliament today. The traders took note of the survey report that stated the FY21 GDP is estimated to contract by 7.7% while GDP growth for FY22 is forecasted at 11.5%. The public sector banks gained momentum after the economic survey advocated that in favor of adequate capitalization of public sector banks.
Meanwhile, investors also took note of IMF’s Chief Economist Gita Gopinath stating that it would be damaging for India to start tightening policy support in the midst of the coronavirus pandemic and also stressed on reducing wasteful expenditures in the upcoming Budget. However, some relief came with SBI’s Research report stated that with record GST collections expected in January at Rs 1.21-1.23 lakh crore, the shortfall in state GST can be narrowed to a minimal of Rs 11,000 crore.
On a global front, Asian markets were closed lower today as industrial production in Japan dropped a seasonally adjusted 1.6% on an MoM basis in December. That missed forecasts for a decline of 1.5% following the 0.5% fall in November. The European stock markets and US futures indices are trading in the red today.
Today’s Market Sensex, Nifty, and Bank Nifty share price today
In the end, Sensex and Nifty today closed lower by more than 1 percent. Nifty fell 182.95 points or 1.32% and at 13634.60 level while Sensex closed lower by 588.59 points or 1.25% and ended at 46285.77 levels. The Bank Nifty on the spot price gained 207.20 points or 0.69% and finished at 30565.50 levels.
The Nifty midcap and smallcap indexes closed in the red today. The Nifty midcap index fell 80.10 points or 0.38% and at 20909.85 levels. The smallcap index slipped 45.20 points or 0.63% and closed at 6002.65 levels.
The top five gainers in the Nifty50 index for the day were IndusInd Bank, Sun Pharma, ICICI Bank, HDFC Bank, and HDFC Life. The top five losers in the Nifty50 index for the day were Dr. Reddy’s Lab, Maruti Suzuki, Hero Motorcorp, Tata Steel, and Wipro. The most active stocks in the Nifty50 index for the day were Reliance, Tata Motors, and Maruti Suzuki.
On a sectoral basis, almost all sectors closed in the red today barring Banks and Electricals. The sectors that closed in the deep red were IT & Software, Automobiles, Capital Goods, Telecom, and Oil & Gas.
Nifty and Sensex on a weekly basis
On a weekly basis, the Indian share market slipped more than 5 percent. The markets declined due to weak global cues and profit booking ahead of Union Budget. Sensex declined 2592.77 points or 5.30% and closed at 46285.77 levels while Nifty fell 737.3 points or 5.12% and ended at 13634.6 levels. The Bank Nifty on the spot price slipped 601.75 points or 1.93% and closed at 30565.5 level.
The midcap and smallcap index also declined on a weekly basis. The Nifty midcap index fell 749.2 points or 3.45% and closed at 20909.85 levels. The small-cap index closed 171.35 points or 2.35% and ended at 7176.35 levels
F&O market updates today: Nifty & Bank Nifty futures
The Nifty futures share price today opened at 13925, it made a positive opening of 80.6 points. It has touched an intraday high at 13984 and a day’s low at 13666
The Nifty futures share price has given a movement of 318 points. In the end, it declined 127.15 points or 0.92% and closed at 13717.25 levels.
The Bank Nifty futures share price opened at 30639.50 It made a negative opening of 274.80 points today. It has touched an intraday high at 31238 and a day’s low at 30291.20
During the day, the Bank Nifty futures share price has given a movement of 946.8 points. In the end, it gained 364.8 points or 1.20% and closed at the 30729.50 levels.
Conclusions:
Indian stock markets indices Sensex and Nifty today closed lower ahead of the Union Budget, 1st February 2021. On Monday market will first react to the economic survey and then as per the Budget commentary. Traders should remain cautious on Budget day and should trade with strict stop loss.
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