Sensex sheds over 400 points; Nifty tumbles below 8,200 as COVID-19 uncertainty looms

  • The 30-share BSE was trading 375.34 points or 1.33% lower at 27,889.97.
  • The NSE Nifty fell 105.35 points, or 1.28%, to 8,148.45.
  • Kotak Bank, IndusInd Bank, Hero MotoCorp, Asian Paints, Titan and ICICI Bank were the top losers in Sensex.
Equity benchmark Sensex tumbled over 400 points in early trade on Friday led by losses in banking and auto stocks as investor sentiment continued to be weighed down by the uncertainty over the COVID-19 pandemic and its economic impact. After hitting a low of 27,800.07, the 30-share BSE barometer was trading 375.34 points or 1.33 per cent lower at 27,889.97.

Similarly, the NSE Nifty fell 105.35 points, or 1.28%, to 8,148.45.

Kotak Bank was the top loser in the Sensex pack, cracking up to 7%, followed by IndusInd Bank, Hero MotoCorp, Asian Paints, Titan and ICICI Bank.

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On the other hand, PowerGrid, ONGC, HCL Tech and Sun Pharma were the gainers.

In the previous session on Wednesday, the 30-share BSE barometer Sensex slumped 1,203.18 points or 4.08% to finish at 28,265.31. Similarly, the NSE Nifty tanked 343.95 points, or 4%, to close at 8,253.80.

Foreign institutional investors (FIIs) were net sellers in the capital market, as they offloaded equity shares worth Rs 1,116.79 crore on Wednesday, according to provisional exchange data.

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Market was closed on Thursday on account of 'Ram Navami'.

With fresh cases of novel coronavirus mounting by the day, concerns over a looming economic recession are keeping investors on edge, traders said. The number of COVID-19 cases in India has stood at over 2,500, according to health ministry log.

Global Cues

US equities finished Thursday's session higher, underpinned by solid gains in energy shares.
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The Dow Jones Industrial Average jumped 469.93 points, or 2.24%, to 21,413.44. The S&P 500 was up 56.40 points, or 2.28%, to 2,526.90. The Nasdaq Composite Index rose 126.73 points, or 1.72%, to 7,487.31.

All the 11 primary S&P 500 sectors climbed, with energy up 9.08% at the close, outpacing the rest.

Energy shares advanced broadly, bolstered by regained optimism about a possible production cut deal between world's major oil producers.
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Thursday's market rally came despite data showing a shocking number of Americans applied for unemployment benefits amid the COVID-19 crisis.

(With inputs from wire services)

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