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Sensex Corrects Over 700 Points; Banking and Pharma Stocks Under Pressure
Wed, 28 Jul 11:30 am

Share markets in India have extended early losses and are presently trading deep in the red.

Weak global cues dampened investor sentiment.

Global stock markets fell as the sell-off in Chinese tech stocks on Beijing's regulatory crackdown triggered concerns about whether this will have an impact on global economies.

Asian share markets have fallen for three consecutive sessions as regulatory crackdowns in China roiled stocks in the technology, property and education sectors.

Putting more pressure, the International Monetary Fund (IMF) on Tuesday maintained its 6% global growth forecast for 2021, upgrading its outlook for the US but cutting estimates for developing countries struggling with surging Covid-19 infections.

The BSE Sensex fell over 700 points, or 1.2% to 51,800 levels. Meanwhile, the NSE Nifty fell to 15,500-mark.

Presently, the BSE Sensex is trading down by 506 points, down 0.9%. Meanwhile, the NSE Nifty is trading down by 154 points.

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The sell-off is seen particularly in the banking, finance and pharma sector that pushed benchmark indices lower.

Shares of Dr Reddy's Lab and Axis Bank fell over 2.6%, while HDFC Bank and M&M fell 2%.

Broader markets also cooled down after the recent runup. Both, the BSE Mid cap index and the BSE Small cap index fell 1%.

Market participants will keep track of the Fed's policy statement due later today, followed by a news conference by Chairman Jerome Powell.

In one of his videos for Fast Profits Daily, India's #1 trader, Vijay Bhambwani talks about why the markets have been showing some signs of weakness for a while.

What has caused the correction and could it get bigger? What are the key things you need to watch out for?

Vijay answers this question in the video.

You can watch the video here: Should We Worry About Tuesdays Fall?

More details to follow in the upcoming commentary.

For information on how to pick stocks that have the potential to deliver big returns, download our special report now!

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