Jubilee Post News & Views
Jubilee News Desk
With just 3-days to go for the US elections, Indian markets saw a slump of 2%. Market remained under pressure throughout the week and lost over 2% on global cues. The Nifty Energy index ended up 0.5 percent. Investors are focused upon who shall win the White House and their concern is regarding trade relations which the next US president shall have with India.
Though policies of Trump are clear but as Biden is giving a tough fight hence investors too are sceptical. Once the trend is clear on Tuesday the markets are also expected to see a change.
Also Read : Bihar Election: Voters out to election next CM
Nifty PSU Bank Index dropped more than 4.5% followed by Nifty Auto, Nifty Metal. US Presidential Election, rising COVID-19 cases Europe and the US and lack of fiscal stimulus kept the investors worried. Last week, BSE Sensex shed 1,071.43 points or 2.6% to close at 39,614.07, while the Nifty50 lost 287.95 points or 2.41% to end at 11,642.40 levels.
BSE Small-cap index shed 1.6 percent. GE Power India, Sonata Software, Himatsingka Seide, Globus Spirits, Indiabulls Integrated Services, Jaiprakash Power Ventures, Indo Count Industries fell more than 12 percent, while HBL Power Systems, Carborundum Universal, OnMobile Global, Gati, Blue Dart Express and Gufic Biosciences rose more than 13 percent.
Also Read : Indian vote in US elections
BSE Mid-cap Index was down 0.48%. Federal Bank, M&M Financial Services, Bharat Forge and Future Retail were among major losers, while gainers were Adani Green Energy, Cholamandalam Investment, Adani Enterprises and CRISIL.
The BSE Large-cap Index fell 2.4 percent dragged by the Hindustan Zinc, Hero Motocorp, Vedanta, Lupin and DLF, while gainers were Kotak Mahindra Bank, Nestle India, Avenue Supermarts, Shree Cements and Ambuja Cements.
During the week, foreign institutional investors (FIIs) bought equities worth Rs 972.66 crore, while domestic institutional investors (DIIs) sold equities worth of Rs 2,170.78 crore.
