Market Wrap: Sensex Falls 214 Points, Nifty Holds 11,250

Equity benchmark Sensex resumes its downward spiral when it settles 214 points lower after a highly volatile session on Wednesday due to rising cases of coronavirus in India kept domestic investors on the edge. The 30-share index settled 214.22 points or 0.55 per cent lower at 38,409.48.

The broader NSE Nifty closed 52.30 points or 0.46 per cent down at 11,251. Top losing companies in the Sensex pack includes IndusInd Bank, Bajaj Finance, ITC, UltraTech Cement and HDFC Bank, while Sun Pharma, Tech Mahindra, M&M and Asian Paints ended with gains.

In the previous session i.e. on Tuesday, the 30-share BSE barometer surged 479.68 points or 1.26 per cent to end at 38,623.70, and the broader Nifty jumped 170.55 points or 1.53 per cent to close at 11,303.30.

Stock exchanges in Europe opened up to 1 per cent higher. Brent crude oil futures rose 0.58 per cent to USD 52.16 per barrel. On the currency front, the Indian rupee depreciated 14 paise to 73.34 per US dollar (intra-day).

Bullion Market Closing: Gold Prices Zoom Rs 1,155, Silver Jumps Rs 1,198

Gold prices zoomed Rs 1,155 to Rs 44,383 per 10 gram on Wednesday in the national capital with continuous rupee deprecation and strong buying in global safe-haven assets, according to HDFC Securities.

On Tuesday, the precious metal had closed at Rs 43,228 per 10 gram. Silver prices also jumped Rs 1,198 to Rs 47,729 per kg from Rs 46,531 per kg in the previous trade. “Spot gold for 24 Karat in Delhi shot up by Rs 1,155 with continuous rupee deprecation and strong buying in global safe-haven assets.

The spot rupee was trading around 15 paise weaker against the dollar during the day,” HDFC Securities Senior Analyst (Commodities) Tapan Patel said. In the international market, gold and silver were trading flat at USD 1,638 per ounce and USD 17.17 per ounce, respectively.

“Gold prices rallied sharply after the US Fed delivered surprise rate cut of 50 bps to support lingering economy from the coronavirus effect. Gold prices may get support from lower interest rates fetching safe-haven investment,” he added.

(With inputs from PTI)