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S&P BSE SME IPO & Nifty Pharma top gainers on BSE, NSE in a week dominated by bears
Nifty Realty and Nifty metal took the maximum drubbing on Friday. Nifty Realty corrected 6.26%, dragged by The Phoenix Mills, DLF and Sunteck Realty shares, while National Aluminium Company, JSW Steel and Hindalco forced the Nifty Metal index to settle with a loss of 5.34 per cent on the last trading of the week
Amid detection of new covid variant in South Africa and weaker global cues, domestic equity markets plummeted into negative territory in what was seen as the biggest fall of this year so far. The correction was such that majority of the important indices closed with at least 3 per cent loss.
Nifty Realty and Nifty metal took the maximum drubbing on Friday. Nifty Realty corrected 6.26%, dragged by The Phoenix Mills, DLF and Sunteck Realty shares, while National Aluminium Company, JSW Steel and Hindalco forced the Nifty Metal index to settle with a loss of 5.34 per cent on the last trading of the week.
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Benchmark indices Nifty50 and S&P BSE Sensex corrected nearly 3 per cent. The S&P BSE Sensex tanked 1,687.94 points or 2.87 per cent to close at 57,107.15, while the Nifty 50 declined 509.80 points or 2.91 per cent to settle at 17,026.45 on Friday.
As bears took control of the Dalal Street, realty, metal, PSU banks, media and auto shares dragged the markets, while Pharma shares such as Cipla, Dr Reddy and Divis Lab gained between 3 to 7 per cent om Friday.
Meanwhile, broader Nifty corrected 4,2% or by 738 points and 30-share index shed 2529 points or 4.2% for the week ended on Friday, November 26, 2021.
The volatility was such that NSE's India VIX index, a volatility index based on the NIFTY Index Option prices, jumped 24.85 higher to 20.80 on Friday and 40% for the week ended November 29, 2021.
On the indices front, S&P BSE SME IPO gained 17.1 % for the week ended on November 29. S&P BSE SME Telecom (3%), S&P BSE Healthcare (1.8%), S&P BSE IPO (0.9%) were other gainers on the BSE in otherwise a week dominated by bears. Nifty Pharma was the sole gainer on the NSE. The pharma index gained 2.3% in the last five trading sessions on the exchange.
"The bears were in control from the beginning as a new variant of COVID raised concerns globally and they further tightened their grip as the session progressed," said Ajit Mishra, VP - Research, Religare Broking Ltd.
He said the way the markets have closed on Friday, we expect more pain in the coming sessions. "Since the Nifty has slipped below the critical support zone of 17,150, the next crucial support comes at 16,700.
Traders should continue with the bearish bias and use the bounce to create shorts. And investors should see this as a buying opportunity for quality stocks,” he said, adding beside apart from the global COVID-related update, markets will also be eyeing the domestic data like auto sales, GDP numbers, etc for cues.
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