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Indian shares tank as pandemic fears resurface

By Munikoti Rochan

11:22, 26 November 2021

Stock market chart
The Indian rupee was trading 0.54% lower to the US dollar - Photo: Shutterstock

Indian shares dropped the most in seven-and-a-half months to finish lower on Black Friday, dragged down by concerns that a new coronavirus variant, perhaps vaccine-resistant, could severely restrain economic activity in the coming months.

The National Stock Exchange’s Nifty50 index nosedived 2.91%, ending at 17,026.45 points, while the S&P BSE Sensex plunged 2.87% to close at 57,107.15 points.

  • The Nifty Realty index, a basket of 10 property stocks including the nation’s largest home builder DLF, plummeted 6.26%
  • The Nifty Metal index, comprised of 15 metal and mining stocks including National Aluminium Company, crashed 5.34%
  • The Nifty Auto index, a basket of 15 automotive stocks including truck manufacturer Ashok Leyland, dropped 4.34%

The Indian rupee was trading 0.54% lower to the US dollar, to INR74.90 as of 16:10 hours local time (UTC+5:30).

Black Monday?

The down trend may continue on Monday, 29 November, 2021, warned ThincRedBlu Securities’ chief executive Gaurav Udani.

“The next support range for the Nifty is between 16,700-16,800 points for where we can see a bounce back to 17,200 points. Traders are suggested to exit long positions on every pull back and not to initiate any new long positions till we see a bullish confirmation on the Nifty,” Udani wrote in a 26 November note to clients, which was emailed to this news platform.

On the Nifty50

Pharmaceutical companies were the top gainers, with Cipla, Dr Reddy’s Laboratories (DRL) and rival Divi’s Laboratories advancing 7.23%, 3.45% and 2.92% respectively.


0.66 Price
-0.190% 1D Chg, %
Long position overnight fee -0.0072%
Short position overnight fee -0.0011%
Overnight fee time 22:00 (UTC)
Spread 0.00006


0.66 Price
-0.190% 1D Chg, %
Long position overnight fee -0.0072%
Short position overnight fee -0.0011%
Overnight fee time 22:00 (UTC)
Spread 0.00006


146.50 Price
+1.080% 1D Chg, %
Long position overnight fee 0.0112%
Short position overnight fee -0.0194%
Overnight fee time 22:00 (UTC)
Spread 0.010


1.07 Price
-0.120% 1D Chg, %
Long position overnight fee -0.0080%
Short position overnight fee -0.0003%
Overnight fee time 22:00 (UTC)
Spread 0.00006

But stock in JSW Steel, JLR-parent Tata Motors and Aditya Birla Group firm Hindalco Industries were the top losers, shedding 7.48%, 6.77% and 6.57%.

On the Sensex

Shares of DRL, food products giant Nestle India and coatings major Asian Paints were the biggest gainers, adding 3.32%, 0.35% and 0.01% respectively.

Private lender IndusIndBank, the country’s leading carmaker Maruti Suzuki India and Tata Group firm Tata Steel were the biggest losers, shedding 6.01%, 5.27% and 5.23% respectively.

COVID deja vu

Earlier on Friday, Israel’s health ministry said it has logged one case of a new COVID-19 variant that was recently identified in South Africa, according to an AFP report published on the Mint’s website.

On 25 November, scientists in South Africa informed the world that they had detected a heavily mutated coronavirus variant, Reuters reported.

Read more: India’s Greenlam Industries surges on stock split proposal

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The difference between trading assets and CFDs
The main difference between CFD trading and trading assets, such as commodities and stocks, is that you don’t own the underlying asset when you trade on a CFD.
You can still benefit if the market moves in your favour, or make a loss if it moves against you. However, with traditional trading you enter a contract to exchange the legal ownership of the individual shares or the commodities for money, and you own this until you sell it again.
CFDs are leveraged products, which means that you only need to deposit a percentage of the full value of the CFD trade in order to open a position. But with traditional trading, you buy the assets for the full amount. In the UK, there is no stamp duty on CFD trading, but there is when you buy stocks, for example.
CFDs attract overnight costs to hold the trades (unless you use 1-1 leverage), which makes them more suited to short-term trading opportunities. Stocks and commodities are more normally bought and held for longer. You might also pay a broker commission or fees when buying and selling assets direct and you’d need somewhere to store them safely.
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