Sensex, Nifty Resume Decline After Day’s Pause; SBI Gains Ahead Of Earnings

The Indian equity benchmarks resumed decline and ended lower on Dhanteras after a day’s breather in the previous session. The Sensex fell as much as 257 points and Nifty 50 index touched an intraday low of 17,847.60. Reliance Industries, Tata Steel, ICICI Bank, HCL Technologies, Asian Paints, Kotak Mahindra Bank and Tech Mahindra were among the top drags on the Sensex.

The Sensex ended 109 points lower at 60,029 and Nifty 50 index slipped 41 points to close at 17,889.

“Equity markets had a historical journey in Samvat 2077, as it touched new life time highs with Nifty/Sensex surpassing 18k/60k mark for the first time in history. The run up in the market has been driven by a strong global liquidity, containment of COVID-19 cases, significant pickup in vaccination and sharp recovery in corporate earnings. Nifty has given more than 40% returns in Samvat 2077 so far, while Midcaps/Smallcaps have outperformed with returns in excess of 70%/80% respectively. The key themes during Samvat 2077 were high beta, cyclicals and value stocks,” Motilal Oswal – MD & CEO, Motilal Oswal Financial Services said in a statement.

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