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Markets continue to trade lower in volatile trade
Aug-07-2020

Indian equity market continued to trade lower in volatile trade in late afternoon session dragged by selling in Consumer Durables, technology and Healthcare stocks. However, the broader market outperformed their benchmark peers. Traders were cautious as the Reserve Bank of India (RBI) sounded a note of caution saying that protracted spread of the COVID-19 pandemic poses downside risk to the domestic economy which is expected to remain in the negative zone in the current fiscal (FY21). Further, adding pessimism, a private report said that business optimism for the July-September quarter slumped to a record low due to sharp rise in COVID-19 cases, the extension of lockdown in containment zones and staggered easing of restrictions. On the global front, European markets were trading lower after data showed coronavirus infections are picking up again in Europe. France, Germany and Spain recorded highest daily rise in infections for months, raising fears that a second wave of virus is on the march across the continent.

The BSE Sensex is currently trading at 37977.12, down by 48.33 points or 0.13% after trading in a range of 37787.38 and 38044.17. There were 17 stocks advancing against 13 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index was up by 1.33%, while Small cap index up by 0.76%.

The top gaining sectoral indices on the BSE were Power up by 0.99%, Auto up by 0.86%, Industrials up by 0.82%, Consumer Discretionary up by 0.81%, Basic Materials up by 0.81%, while Consumer Durables down by 1.24%, IT down by 0.99%, TECK down by 0.82%, Healthcare down by 0.22%, Realty down by 0.12% were the top losing indices on BSE.

The top gainers on the Sensex were Asian Paints up by 3.99%, Bajaj Finance up by 2.94%, Bajaj Finserv up by 2.62%, Maruti Suzuki up by 1.54% and Indusind Bank up by 1.47%. On the flip side, HCL Tech down by 1.96%, Titan Company down by 1.86%, Infosys down by 1.57%, Mahindra & Mahindra down by 1.41% and Sun Pharma down by 0.98% were the top losers.

Meanwhile, expressing optimism, Electronics and IT secretary Ajay Prakash Sawhney has said that the government is expecting electronics manufacturing in the country to register an annual growth rate of 30 per cent over the next five years and clock Rs 11.5 lakh crore additional production during this period.

Electronics and IT secretary is also expecting the exports of electronic products to grow in the range of 40-50 per cent annually over the next five years. Further, he added that electronics manufacturing in India has been growing quite significantly and registered 23 per cent cumulative annual rate of growth over past five years.
Besides, he said that mobile manufacturing in the country has grown from 6 crore handsets five years ago to 33 crore at present, and over 90 per cent of country's mobile phone requirements are met through domestic production.

The CNX Nifty is currently trading at 11194.45, down by 5.70 points or 0.05% after trading in a range of 11142.05 and 11213.80. There were 32 stocks advancing against 18 stocks declining on the index.

The top gainers on Nifty were Asian Paints up by 4.10%, Bajaj Finance up by 2.86%, Bajaj Finserv up by 2.48%, UPL up by 2.39% and Tata Motors up by 2.05%. On the flip side, HCL Tech down by 1.90%, Titan Company down by 1.89%, Infosys down by 1.77%, Mahindra & Mahindra down by 1.12% and Sun Pharma down by 1.03% were the top losers.

European markets were trading lower; UK’s FTSE 100 decreased 0.5 points or 0.01% to 6,026.44, France’s CAC decreased 21.94 points or 0.45% to 4,863.19 and Germany’s DAX was down by 11.32 points or 0.09% to 12,580.27.

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