Sensex Falls 750 Points From Day's High; Telecom And Energy Stocks Witness Selling

After opening the day on a strong note, Indian share markets witnessed selling pressure during closing hours today and ended flat.

Benchmark indices gave up early gains and slipped into the red during the last hour of trading.

In early trade today, Indian share markets rose in sync with overnight gains in the US market. Wall Street logged strong gains, with the Dow Jones Industrial Average ending more than 2% higher.

Optimism over vaccine trials and more stimulus from the governments boosted sentiment. Zydus Cadila said it had begun human trials for its potential coronavirus vaccine across multiple sites.

Separately, the first COVID-19 vaccine tested in the US revved up people's immune systems just the way scientists had hoped, researchers reported, with the shots poised to begin key final testing.

The experimental vaccine, developed by US government's top infectious disease expert Anthony Fauci's colleagues at the National Institutes of Health and Moderna Inc, will start its most important step around July 27, a 30,000-person study to prove if the shots really are strong enough to protect against the coronavirus.

At the closing bell, the BSE Sensex stood higher by 19 points. The BSE Sensex rose over 750 points in intraday trade before settling on a flat note.

Meanwhile, the NSE Nifty closed up by 11 points (up 0.1%).

SGX Nifty was trading at 10,635, up by 21 points, at the time of writing.

The BSE MidCap index ended the day down by 0.4%. The BSE SmallCap index ended down by 0.1%.

Sectoral indices ended on a mixed note with stocks in the telecom sector and energy sector witnessing selling pressure.

IT stocks, on the other hand, witnessed buying interest.

Asian stock markets ended on a mixed note today as encouraging results from a coronavirus vaccine study and optimism about swift economic growth supported expectations that corporate earnings will pick up in the second half of the year.

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Disclosure: Equitymaster Agora Research Private Limited (Research Analyst) bearing Registration No. INH000000537 (hereinafter referred as 'Equitymaster') is an independent equity research ...

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