Bourses slip on India-China border tension

BL Internet Desk | Updated on September 09, 2020

Banking, Financial Services down nearly 2 per cent

Domestic equity benchmark indices Sensex and Nifty have met with losses on Wednesday tracking  selloff in Asian peers amid growing India-China border tension that has pushed investors on the backfoot.

Bourses in Shanghai, Hong Kong, Seoul and Tokyo ended with sharp losses today.

The 30-share BSE index ended lower by 171.43 points, or 0.45 per cent, at 38,193.92.

Similarly, the NSE Nifty dropped 39.35 points, or 0.35 per cent, to 11,278.00.

Index-heavyweights such as SBI, Bajaj Finserv, Axis Bank, ONGC, ITC, Infosys, TCS, ICICI Bank and Bajaj Finance have met with losses up to 4 per cent.

Top gainers that provided support to the overall market were Tata Steel, Reliance Industries, Sun Pharama, Bharti Airtel, IndusInd Bank, Nestle and M&M gaining up to 3.50 per cent.

Earlier, domestic equities opened on a negative note tracking weak cues from global equities after late-stage studies of AstraZeneca’s COVID-19 vaccine candidate were put on temporary hold.

The company is in the process of investigating whether a recipient’s “potentially unexplained” illness is a side effect of the shot.

Exchange data showed that foreign institutional investors sold equities worth Rs 1,056.52 crore on a net basis on Tuesday.

Buzzing stocks

JSW Steel gains on growth in productivity

JSW Steel shares have achieved gains today after the company reported its steel production at 13.17 lakh tonnes in August 2020, a growth of 6% over July 2020 (MoM) and 5% over August 2019 (YoY). It also said that its capacity utilisation during August this year was 88 per cent.

The stock gained Rs 5.70, or 2.03%, to Rs 286.85 on the BSE.


AstraZeneca Pharma slips as its Covid-19 vaccine put on hold

AstraZeneca Pharma stock was down over 3 per cent after late-stage studies of AstraZeneca’s COVID-19 vaccine candidate were put on temporary hold after one illness.

Following this report, the stock reacted negatively and AstraZeneca Pharma shares were down Rs 134.80, or 3.20%, to settle at Rs 4,080 on the BSE today

Published on September 09, 2020

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