MARKET UPDATE:Volatile market;Sensex, touched a high of 61,621 in opening trades, and then slipped to a low of 61,164while the Nifty more or less unmoved at 18,267
Published On: Thursday, October 21, 2021 | By: Team KnowMyStock
The BSE Sensex touched a high of 61,621 in opening trades and then slipped to a low of 61,164. The 30-share index was now down 21 points at 61,239. The NSE Nifty was more or less unmoved at 18,267. Experts say that the ongoing market correction is not an overreaction and can sustain in the near term due to high valuations. However, in the future Indian corporates will benefit from the reforms & China plus one strategy which happened during 2020-21. Alongside, the long-term economy & market trend is intact due to further re-opening of the economy, low-interest cycle, and fiscal & private spending. This correction will give leeway for value-buying, defensives, and upcoming stocks & sectors that evolved from this new demand.
Among the Sensex 30 stocks, Kotak Bank has rallied 2 per cent to Rs 2,055. HDFC, Sun Pharma, PowerGrid Corporation and NTPC are the other prominent gainers. On the flip side, HCL Technologies and Reliance Industries are down over a per cent each.
In the broader markets, Havells India has dipped 9 per cent to Rs 1,279 in intra-day trade on profit booking after the consumer electronics company reported a weak operational performance in the July-September quarter (Q2FY22).
Shriram City, Sonata Software, Oil India and Jubilant Foodworks were some of the other significant losers.
On the positive front, IRB Infrastructure and Shoppers Stop have zoomed over 15 per cent each. Coffee Day and Rail Vikas Nigam were some of the major gainers.
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