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Profit booking, high valuations subdue markets; pharma, IT stocks fall
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SME Times News Bureau | 22 Oct, 2020
Profit booking along with high valuations subdued the Indian equity markets on Thursday, breaking their four-day winning streak.
Globally, Asian stocks opened lower following Wall Street as investors were spooked regarding the status of the new US stimulus.
Similarly,
European stocks fell as fears spread about next month's US presidential
election and data showing that German consumers had become less willing
to spend.
Back home, volumes on the NSE were just above the recent average while advance decline ratio was positive.
Among sectors, media, metals, and realty indices rose, while pharma, IT and bank indices fell.
The
Nifty50 on the National Stock Exchange closed at 11,896.45, lower by
41.20 points, or 0.35 per cent, from its previous close.
The Sensex closed at 40,558.49, lower by 148.82 points, or 0.37 per cent, from its previous close of 40,707.31.
"Nifty
once again recovered from the lows but ended in the negative," said
Deepak Jasani, Head of Retail Research at HDFC Securities.
"Recovery from the low suggests that some more upmove is in the offing though the rise may not be smooth."
According
to Vinod Nair, Head Of Research at Geojit Financial Services: "Profit
booking is seen in major sectors like banking, pharma & IT post the
recent rally. Till now, Q2 result is positive but a lot is factored in
the market."
"The stocks could feel the pressure in the near term
given high valuations, however, optimism can continue as earnings
trajectory stays in-line with estimate. Western markets are dull too as
US fiscal stimulus talks are getting delayed further and focus is
drifting to the US election outcome."
Rahul Sharma, Market
Strategist & Research Head, Equity99 Advisors, noted that market
sentiments were hurt by weakness in the global stock markets after US
President Donald Trump on Wednesday accused Democrats of being unwilling
to craft an acceptable compromise on stimulus, following reports of
progress earlier in the day.
"However, broader market remained
active. Ahead of corporate earnings, stock-specific action continued in
selective counters with sectoral rotations. Till the outcome of the US
elections markets are expected to remain volatile," he said.
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Customs Exchange Rates |
Currency |
Import |
Export |
US Dollar
|
66.20
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64.50 |
UK Pound
|
87.50
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84.65 |
Euro
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78.25
|
75.65 |
Japanese
Yen |
58.85 |
56.85 |
As on 13 Aug, 2022 |
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