Street Update: Sensex Dips 150 Pts, Nifty PSU Bank Shines, VIX Jumps 4%

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Street Update: Sensex Dips 150 Pts, Nifty PSU Bank Shines, VIX Jumps 4%

By Malvika Gurung -- The domestic market made a positive opening on Wednesday tracking decent gains on Wall Street in the overnight session and mixed cues from Asian equities. However, benchmark indices reversed a modest uptick and slid to red later in the session.

At the time of writing, headlines Nifty50 slipped 0.21% to 18,364.7 points and Sensex declined 0.24% or 147.4 points. The market volatility barometer India VIX surged 3.64% to 14.28.

Healthcare and pharmaceutical stocks including Divi’s Labs and Apollo Hospitals (NS: APLH ) supported the market, along with banking equities, while the FMCG sector exerted pressure. Heavyweights Bharti Airtel (NS: BRTI ), ITC, ONGC (NS: ONGC ), Adani Enterprises (NS: ADEL ), Hindustan Unilever Ltd. (NS: HLL ) and HDFC (NS: HDFC ) were among the top laggards on the Nifty index.

Sectoral indices under the Nifty umbrella traded mixed, led by Nifty PSU Bank and Nifty Pharma , while Nifty FMCG declined the most. Nifty Bank traded 0.08% lower.

The state-owned lender Punjab & Sind Bank (NS: PUNA ) was the only stock on the 12-scrip Nifty PSU Bank index that traded in the red, while UCO Bank (NS: UCBK ) and Indian Overseas Bank (NS: IOBK ) headed the gains, zooming upto 10%.

Analysts globally remain cautious about the rising Covid-19 cases in the US, China, Korea and Brazil. Investors back home await the meeting minutes of RBI MPC set to release on Wednesday.

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