The Nifty is down below 15,600
Benchmark indices traded in red on Friday afternoon, which saw significant selling pressure.
After opening a firm note among mixed global references, the market destroyed all of its initial gains, being pulled by metals, energy, and oil and gas stocks. The indices were able to erase some of their in-day losses but continued to trade in the first half.
At 1 pm, the BSE Sensex was down 315.94 points, or 0.60%, at 52,007.39. It fell to a one-day high of 52,586.41 and a low of 51,601.11.
The Nifty 50 was down 107.05 points, or 0.68%, at 15,584.35. It was a one-day high of 15,761.50 and a low of 15,450.90.
Adani Ports, Bajaj Auto, Hindustan Unilever, TV Labs, and Cipla were the top gainers in the Nifty 50, followed by JSW Steel, Tata Steel, UPL, Coal India, and ONGC top losers.
Capitolvia Global Research Ltd’s head of research, Kaurav Rao Cork, said, “In the opening session, Indian stock indices lost more than one percent due to selling at leading counters.”
“The locks implemented by states in April and May to prevent a second wave of the dangerous COVID-19 epidemic are likely to cause the economy to fall 12% in the June quarter, compared to a 23.9% contraction in the previous quarter, according to personal analysis.
Traders have cited the Reserve Bank’s estimate that it will cost the country Rs 2 lakh crore in April-May, based on the catastrophic second wave of coronavirus production, ”Cork said.
Metals, PSU shares are under pressure
On the sectoral front, all indices except Nifty FMCG and Nifty Pharma were in the red.
Metals and finances were under pressure. Nifty PSU Bank recorded higher losses and declined by 3.04%. The nifty metal fell 2.83%.
Meanwhile, the Nifty FMCG rose 0.02% to flat. Nifty Pharma was able to maintain some gains and rose 0.15%.
Wide indices shed 2%
All the broad codes were in red because the market came up for sale. Broader indices saw higher selling pressure, which was 2% lower on the NSE.
The Nifty Midcap 50 is down 2.06% and the Nifty Small Cap 50 is down 2.09%.
Meanwhile, the S&P BSE midcap was down 1.40% and the S&P BSE smallcap was down 1.57%.
The volatility index was up 0.60% at 15.38.