Stocks

Sensex snaps three-day gains; ends down by 395 points

PTI | Updated on August 20, 2020

Nifty sheds 96.20 points to 11,312.20

Domestic equity benchmark Sensex tumbled 400 points  on Thursday tracking selloff in global markets after US Fed’s gloomy economic outlook spooked investors.

Asian markets finished broadly lower today with Hong Kong index leading the region. The Hang Seng was down 1.51 per cent while China's Shanghai Composite was off 1.30 per cent and Japan's Nikkei 225 declined by 1 per cent.

The BSE Sensex ended 394.40 points or 1.02 per cent lower at 38,220.39, while the NSE Nifty was down 96.20 points or 0.84 per cent to 11,312.20.

HDFC was the top loser in the Sensex pack, shedding around 2.50 per cent, followed by Axis Bank, ICICI Bank, Titan, Bharti Airtel and M&M.

On the other hand, NTPC, ONGC, PowerGrid, Tata Steel were among the gainers.

Sectoral indices such as Banking, Auto, IT, Financial Services and FMCG met with losses shedding up to 1.40 per cent.

According to traders, domestic bourses followed negative trend in global equities as selloff emerged after the US Federal Reserve released the minutes from its latest policy meeting.

The Fed’s minutes showed that policy makers are finding it difficult to forecast the path of the economy, as the coronavirus likely would continue to dampen economic growth. Stock exchanges on Wall Street ended in the red in overnight session.

Ruchi Soya shares down nearly 3 per cent

Shares of Ruchi Soya on Thursday plunged 2.75 per cent after the company reported a 13 per cent decline in its net profit for the first quarter ended June 30.

The stock declined 2.75 per cent to Rs 699.95 on the BSE. It tanked 4.99 per cent to Rs 683.25 intraday.

Patanjali Group firm Ruchi Soya reported a 13 per cent decline in its net profit to Rs 12.25 crore for the first quarter ended June 30, and announced the resignation of Acharya Balkrishna as managing director of the company. Its net profit stood at Rs 14.01 crore in the year-ago period.

Muthoot Finance shares drop over 5%

The share price of Muthoot Finance plunged over 5 per cent on the BSE, after the company released its June quarter results yesterday.

The company reported a 52 percent jump in its consolidated net profit at Rs 858 crore in the first quarter of the current fiscal year. Traders said the counter witnessed profit booking after recent rise.

 

Published on August 20, 2020

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