Sensex Crosses Mount 56K but Fails to Hold, Closes in Red

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Sensex Crosses Mount 56K but Fails to Hold, Closes in Red

By Aditya Raghunath -- Nifty 50  and the BSE Sensex 30 opened with a bang today morning. The Sensex crossed Mount 56K for the first time in its history but failed to hold it. Profit-booking caused markets to lose momentum in the second half of the trading session, causing the Sensex to close lower by 0.29% while Nifty fell 0.28%.

However, market experts say this is a good sign and that the next rally will be led by large-cap stocks.

Nifty gainers were Eicher Motors Ltd. (NS: EICH ) up 2.66%, UltraTech Cement Ltd (NS: ULTC ) up 2.44% and Bajaj Finance Ltd (NS: BJFN ) up 2.09%. Kotak Mahindra Bank Ltd. (NS: KTKM ) lost 2.31% while Hindalco Industries Ltd. (NS: HALC ) lost 2.3% and ICICI Bank Ltd (NS: ICBK ) lost 2.04%. Nifty Bank fell for the second day in a row, today by 0.87%.

Asian markets closed up with Nikkei 225 up 0.59%, KOSPI 50 up 0.5% and the Shanghai Composite up 1.11%.

Chinese state media reported President Xi Jinping as telling a government meeting of the need to “regulate excessively high incomes and encourage high-income groups and enterprises to return more to society.”

US stock markets are set to open lower later, extending Tuesday’s losses amid fears that the latest wave of Covid-19, in the US, China and across much of the rest of Asia, will hit global growth.

As of this report, Dow Jones 30 Futures were down 0.19%, while S&P 500 Futures were down less than 0.1% and Nasdaq 100 Futures were up 0.12%.

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