Closing bell: Nifty plunges 67%, Sensex tumbles by 260 points; market ends short for the third week
On Friday, the market ended on a low note as Nifty dropped by 67 points or 0.74 percent at 9,039. Similarly, Sensex also plunged down to 30,673 with 260 points, which led to the trading session close with losses for the third straight week.
The Indian Indices were on the green side for three consecutive days; although, they finished off the week’s trading session on the red side. The shortfalls on May 22, was pulled by the financials, including HDFC twins, ICICI, and Bajaj twins. Even though RBI reduced the repo rate by 4 percent to 40 bps, there was not much relief seen in the market for the banks.
Here are the major highlights of the trading session as of May 22, 2020:
- Stocks of Banks tumble after RBI announced moratorium on loan repayment to be extended by three more months.
- Sensex ended with 260 points low and Nifty faced drop by 67 points.
- Top 5 Nifty gainers for the trading session comprised Zee Entertainment, M&M, Cipla, Shree Cement, and Infosys.
- Axis Bank, HDFC, Bajaj Fiserv, Bajaj Finance, and Hindalco Industries were the top 5 nifty losers.
- The shares of Axis bank slipped by 5 percent, whereas HDFC faced a 2 percent drop in its share price.
- ICICI Bank, Tata Steel, Bajaj Auto, JWS steel, and HDFC Bank were among the Nifty losers.
- Infosys gained 3 percent in today’s trading, while Zee Entertainment’s stock surged by 7 percent at 165.
- The share price of both Asian Paints and Britannia rose by 2 percent.
- Growing US-China tensions also posed a negative effect on the market’s trading.
- The Indian rupee also hit a low point at 75.96 against the US dollar compared to Thursday’s close of 75.61.
Also, take a look at the weekly highlights:
- The market ended lower for the third time weekly.
- Aviation stocks increased this week owing to the govt. announcement of opening airline operations by May 25.
- ITC, Cipla, M&M, Bharti Airtel, and TCS were the top Nifty gainers this week.
- Financial companies were in the top losers this week.