Stocks

Sensex tumbles over 800 points on global sell-off; Auto, Media stocks top drag

Our Bureau/PTI | Updated on September 21, 2020 Published on September 21, 2020

A representative image   -  THE HINDU

All sectoral indices ended with losses, including the Nifty IT index which traded with gains for most parts of the day.

Domestic equity benchmark Sensex plunged 812 points on Monday, led by losses in Reliance Industries, ICICI Bank and Bharti Airtel amid a massive global selloff following worries about a surge in coronavirus cases across the Europe and a slide in HSBC and Standard Chartered on reports that put the UK banks among those moving large sums of allegedly illicit funds over the past two decades,.

The 30-share BSE index ended 811.68 points or 2.09 per cent lower at 38,034.14. The NSE Nifty tumbled 254.40 points or 2.21 per cent to finish at 11,250.55.

Traders also said that valuations of the market was a concern for investors as analysts believed a healthy correction in the market was in the offing.

IndusInd Bank was the top loser in the Sensex pack, tanking over 8 per cent, followed by Bharti Airtel, Tata Steel, ICICI Bank, M&M, Maruti, Axis Bank and ONGC.

On the other hand, Kotak Bank, Infosys and TCS were the gainers.

According to traders, domestic equities followed the sudden selloff in global benchmarks amid concerns over rising COVID-19 cases in Europe.

European stocks headed for their worst fall in almost two months on Monday, hit by worries about a surge in coronavirus cases across the continent and a slide in HSBC and Standard Chartered following reports that put the UK banks among those moving large sums of allegedly illicit funds over the past two decades, reported Reuters.

Bourses in Shanghai, Hong Kong and Seoul ended significantly lower.

Stock exchanges in Europe witnessed heavy selloff in opening trade, declining up to 3 per cent.

All sectoral indices ended with losses, including the Nifty IT index which traded with gains for most parts of the day.

The Nifty Bank index declined 3.36 per cent. Barring Kotak Mahindra Bank, all the constituents of the index, closed with losses.

The Nifty Realty index was the top laggard today, ending 6 per cent lower, followed by the Nifty Metal index, which declined 5.5 per cent.

The other major indices such as Nifty Pharma Nifty PSU Bank, Nifty Media and Nifty Auto fell over 4 per cent each while; Nifty FMCG index declined 3.3 per cent.

The market breadth turned negative with 1,597 stocks on the NSE ending with loss while 393 managed to finish with gains.

Meanwhile, global oil benchmark Brent crude was trading 2.04 per cent lower at $42.27 per barrel.

In the forex market, the rupee strengthened 7 paise and closed at 73.38 against the US dollar

 

Follow us on Telegram, Facebook, Twitter, Instagram, YouTube and Linkedin. You can also download our Android App or IOS App.

Published on September 21, 2020
This article is closed for comments.
Please Email the Editor