Domestic Market closed in Red; Nifty settles below 11,300

Key domestic equity indices on Wednesday, September 9, 2020, logged modest losses amid a plunge in global stocks. The Sensex at Bombay Stock Exchange lost 171.43 points, or 0.45 per cent, to close at 38,193.92. The Nifty 50 at National Stock Exchange also fell 39.35 points, or 0.35 per cent, to settle at 11,278.

Sellers outpaced the buyers. On the BSE, 884 shares rose and 1796 shares fell, while 25 shares advanced in Nifty 50 and 24 declined, while one remained unchanged.

Declines outnumbered advances by almost 2:1, indicating that a broad-based selling ensued during the day. Financials witnessed the most selling today, with the Bank Nifty closing down by 477.40 points, or 2.1 per cent down at 22,267.

Overall, Nifty is witnessing selling pressure at higher levels, with resistance seen around 11400-11500 zone whereas support is seen around 11000-11050.

At the broader market at BSE, the Mid-cap slipped 0.28 per cent while Small-cap declined 0.94 per cent.

Total Covid-19 confirmed cases worldwide were at 2,75,79,437 with 8,97,614 deaths, data showed. India reported 8,97,394 active cases of Covid-19 infection and 73,890 deaths while 33,98,844 patients have been discharged, data showed.

Tata Steel (up 3.57 per cent), Zee Entertainment (up 3.06 per cent), Cipla (up 2.73), Reliance (up 2.68 per cent) and Grasim (up 2.39 per cent) were the top five shares that advanced in Nifty 50, while the losers included SBI (down 4.09 per cent), SAIL (down 3.38 per cent), Bajaj Finserv (down 2.89 per cent), Axis Bank (down 2.73 per cent) and IOC (down 2.06 per cent).

Global cues were positive as FTSE, Dow Futures and Nasdaq Futures were up by 0.87 per cent, 0.62 per cent and 1.92 per cent, respectively.