Market Live: Sensex Drops Over 350 Points From Record High Amid Selling Pressure

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Market Live: Sensex Drops Over 350 Points From Record High Amid Selling Pressure In Financial Stocks

Domestic stock markets started Friday's session at record highs, with the S&P BSE Sensex index trading above the 47,000 mark for the first time ever, as investors remained optimistic about a fast global recovery after months of COVID-19-caused slowdown. The Sensex rose 135.68 points, or 0.29 per cent, to touch an all-time high of 47,026.02 in the first few minutes of trade before turning flat. The broader NSE Nifty 50 benchmark climbed to as high as 13,771.45, adding 30.75 points, or 0.22 per cent, to its previous close, just shy of an all-time high of 13,773.25 registered on Thursday. Gains across sectors -- led by IT and pharmaceutical shares -- boosted the markets.




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At 10:08 am, the Sensex traded at 46,712.27, shedding 178.07 points, or 0.38 per cent, from its previous close, and the Nifty was down 56.45 points, or 0.41 per cent, at 13,684.25. (Also Read: Stocks To Watch)
IndusInd Bank, ONGC, Tata Motors, Coal India and HDFC, trading between 2.12 per cent and 3.91 per cent lower, were the worst hit among 32 laggards in the Nifty basket of 50 shares.
Infosys, HCL Tech, Tata Consultancy Services (TCS), Bajaj Auto and Hindustan Unilever, trading 1.01-2.14 per cent each, were the top gainers in the index.
Share markets elsewhere in Asia slipped from the record highs, but the prospect of a major US coronavirus relief package left some investors still in the mood to pick up stocks and other risk-exposed assets.
MSCI's broadest index of Asia-Pacific shares outside Japan dropped 0.30 per cent from Thursday's record. Yet, it was on track for a seventh consecutive week of gains — the longest such streak in about a year. Japan's Nikkei 225 benchmark was down 0.20 per cent at the last count.
The E-Mini S&P 500 futures eased 0.15 per cent, indicating a sluggish start for US markets on Friday a day after their underlying index gained 0.58 per cent to clock an all-time high.
Global equities remained swathed in optimism that a deal will be reached over a fresh US economic stimulus package.
Congressional negotiators in Washington were scrambling on Thursday to agree on details of a $900 billion COVID-19 aid bill. Lawmakers from both major US political parties said failing to agree was not an option, and earlier Republican Senate Majority Leader Mitch McConnell said talks could spill into the weekend.
Many investors saw the passing of new measures to support the economy as imminent after data showed the number of Americans filing first-time claims for jobless benefits unexpectedly rose last week.
Crude oil rates soared to a nine-month high before easing slightly in Asian trade on Friday. Brent crude futures — the global benchmark for oil rates — was down 0.30 per cent at $51.34 per barrel, having gained nearly 3 per cent this week.

SOURCE - https://www.ndtv.com/business/share-market-live-updates-sensex-today-nifty-bse-nse-stock-market-latest-news-18-december-2020-2340279