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Domestic equity benchmark indices Sensex and the Nifty fell sharply in the mid-session due to a fresh sell-off across the board as investors turned cautious on increasing concerns over economic recovery in the aftermath of the Covid-19 pandemic impact.
Earlier in the day, the BSE Sensex jumped over 200 points led by gains in index-heavyweights Reliance Industries, Infosys and L&T amid sustained foreign fund inflow.
However, during the mid-session fresh selling by market players has turned indices upside down. At one point, the Sensex fell by nearly 700 points as compared to its yesterday's closing level. In late session, the index recouped part of its losses but still ended 1 per cent lower.
The Sensex ended at 37,877.34, down 433.15 points, or 1.13%, from its previous close.
Similary, the NSE Nifty was down 122.05 points or 1.08 per cent at 11,178.40.
The Nifty Bank index was down 516.95 points, or 2.33%, to 21,679.40 and the Nifty Auto index too bore the brunt of selling and ended 2.56% lower at 7,677.65, shedding 202.10 points.
Among the major losers which dragged the markets lower were M&M, Axis Bank, Bajaj Finance, SBI, ITC, HCL Tech, HDFC Bank, IndusInd Bank and Maruti.
There were a few stocks that bucked the overall weak market. Sun Pharma was the top gainer in the Sensex pack, rising 2 per cent, followed by NTPC, Tata Steel, Infosys and Titan.
Lupin surges 9.50 per cent
Among the sectors, the pharma index gained 0.50 per cent led by Lupin which jumped 9.50 per cent to Rs 1,018.85 on the BSE. The stock witnessed spurt in volume by more than five times and was trading with volumes of 9.66 lakh shares, compared to its two-week average quantiy of 1.81 lakh shares.
The other gainers included Vivimed Lab, Wockhard Pharma, Syngene, Cadila Health, Novratis, Cipla, Sun Pharma, and Glenmark which have risen up to 5 per cent.
MRF shares skid on results
MRF shares were down nearly 4 percent today after the company posted weak numbers for the quarter ended June 30, 2020. The stock declined Rs 2,501, or 3.90%, to close at Rs 61,488.50 on the BSE.
The company's consolidated net profit went down 95 percent YoY to Rs 13.5 crore against Rs 273.3 crore.
Its consolidated revenue was down 45 percent at Rs 2,460 crore against Rs 4,470 crore, reported
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