D-Street Slips Red Amid FM's Stimulus Package

The Indian equity markets couldn't sustain the day's highs and slipped off in the afternoon trade amid the Finance Minister's press conference on Monday, June 28. The indices witnessed selloff in some frontline stocks which dragged the BSE Sensex down from its record highs. 

The BSE Sensex closed lower by 189.45 points at 52,735.59, while the Nifty-50 index slipped 45.70 points to end the trading session at 15,814.70. Shares of Reliance, Titan Company, TCS, and HCL Tech shed over a per cent each in the day's trade to weigh the BSE Sensex on Monday. 

Among the global peers, On Friday, the S&P 500 reached a new high, boosted by Nike and numerous banks, as weaker-than-expected inflation data soothed concerns about the Federal Reserve abruptly reducing stimulus. Following overnight advances on Wall Street, Asian markets were also trading in the weaker zone.

Back home, stocks in the IT, Financial, and Energy sector dipped in the intraday session on Monday. However, the PSU Bank index gained over two per cent, while Pharma and Metal sector added over a per cent each. 

However, the markets are likely to move upward in the coming sessions as the Finance Minister in the press conference has announced Rs 1.1 lakh crore loan guarantee scheme for COVID-affected sectors, out of which, Rs 50,000 crore has been allocated to the health sector and Rs 60,000 crore for other sectors. 

In the overall market breadth on Monday, 1826 shares advanced, 1420 shares declined, and 147 shares were unchanged.

Ruchit Purohit

BW Reporters The author is a Trainee Journalist at BW Businessworld based in Mumbai. He tracks the Markets and related news.