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Sunday, March 7, 2021

As the Corona cases escalated, the Sensex slipped below 50,000

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Highlights:

  • The Sensex crashed shortly after the market opened today
  • Advice not to take a long position considering the current volatility in the market, high valuation
  • Auto, Banking, FMCG, IT all saw sell-offs

MUMBAI: The Sensex, which hit an all-time high of 52,516 last week, has plunged by 2,500 points in just four trading days. When the market opened this morning, the Sensex was trading with a modest increase over the previous close. However, the sell-off was short-lived, with the Sensex trading at 49,882, down 1,000 points, at around 2 p.m.

Corona cases are on the rise again in some parts of the country, including Maharashtra, and in Amravati, Maharashtra, the stock market is under selling pressure for fear of another round of corona. As of 2.15 pm today, Mahindra & Mahindra was the biggest loser among 30 Sensex stocks. The stock was trading at Rs 836, down 4.62 per cent. When Dr. Reddy was down 4.06 per cent and was trading at Rs 4,495.

Apart from this, bank shares are also witnessing a sharp fall today. Indusind Bank was down 3.59 per cent, Axis 3.54 per cent, HDFC 3.10 per cent and SBI 2.97 per cent. Reliance, Bajaj Finance and TCS were down 2.50 per cent, 2.83 per cent and 3.05 per cent, respectively.

Notably, the stock market has been booming since the budget, and bank stocks in particular have reached new heights. Experts have repeatedly said that the current valuation of the market is very high, but no one is ready to say exactly when the correction will take place. Small investors are also being advised not to take any long positions as the market is currently volatile.

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