Wednesday, November 25, 2020
Home Business Sensex plunges over 350 pts in early trade; Nifty drops below 11,650

Sensex plunges over 350 pts in early trade; Nifty drops below 11,650

Mumbai, Oct 29 : Equity benchmark Sensex plunged over 350 points in early trade on Thursday amid negative cues from global markets as rising coronavirus cases and uncertainty over US presidential elections weighed on investor sentiment.

Market participants were also cautious ahead of the expiry of October derivatives contracts, traders said.

The 30-share BSE index was trading 365.19 points or 0.91 per cent lower at 39,557.27. Similarly, the broader NSE Nifty tumbled 106.90 points or 0.91 per cent to 11,622.70.

Titan was the top laggard in the Sensex pack, dropping over 4 per cent, followed by L&T, ONGC, Tech Mahindra, Bajaj Auto, HUL and Nestle India.

On the other hand, Axis Bank, Asian Paints, UltraTech Cement and HCL Tech were among the gainers.

In the previous session, Sensex ended 599.64 points or 1.48 per cent lower at 39,922.46, and Nifty tanked 159.80 points or 1.34 per cent to close at 11,729.60

Exchange data showed that foreign institutional investors sold equities worth Rs 1,130.98 crore on a net basis on Wednesday.

According to Arjun Yash Mahajan Head Institutional Business at Reliance Securities, the India trade set up does not look to be encouraging due to weak global cues. Volatility in domestic equities is expected to persist due to futures and options (F&O) expiry.

US equities fell sharply as rise in coronavirus cases in the country and European nations, he said, adding that fresh restrictions imposed by Germany and France to contain COVID-19 spread also jolted investors’ confidence.

Further, with six days to go for the presidential election in the US and ambiguity over outcomes, investors appeared to be cautious, he noted.

Bourses in Hong Kong, Seoul and Tokyo were trading on a negative note in mid-session deals, while Shanghai was in the positive territory.

Equities on Wall Street crashed over 3 per cent in overnight session.

Meanwhile, international oil benchmark Brent crude was trading 0.13 per cent lower at USD 39.59 per barrel.

SourcePTI

LEAVE A REPLY

Please enter your comment!
Please enter your name here

LATEST POST

SC stays HC order gagging media from publishing news on FIR related to Amaravati land scam

New Delhi, Nov 25 : The Supreme Court Wednesday stayed the Andhra Pradesh High Court direction restraining the media from publishing news regarding an...

‘Even if BJP arrests me, I will ensure TMC victory in polls from jail’: Mamata

Bankura (WB), Nov 25 : Calling the BJP "garbage of lies" and "biggest curse of the nation", West Bengal Chief Minister Mamata Banerjee on...

No such thing as big three; both bilateral and ICC events important: New chairman Barclay

Dubai, Nov 25 : The concept of 'Big Three' doesn't exist for new ICC chairman Greg Barclay, who firmly believes that both bilateral as...

IIT Kharagpur innovation hub on AI & ML to translate research to industrially scalable products

Kolkata, Nov 25 : IIT Kharagpur has set up a technology innovation hub on artificial intelligence (AI) and machine learning (ML) to translate academic...

MOST READ

Jharkhand reports 137 fresh COVID-19 cases, 5 more fatalities

Ranchi, Nov 23 : Jharkhand's COVID-19 tally climbed to 1,07,469 on Monday, after 137 people tested positive for the virus, a health department official...

HC asks Centre to respond to plea to recognise same sex marriages under law

New Delhi, Nov 19 : The Delhi High Court on Thursday asked the Centre to respond to a PIL seeking a declaration recognizing same...

Temporary ghats set up in Kolkata for Chhath puja: Official

Kolkata, Nov 19 : Civic authorities in Kolkata have set up several temporary ghats near 16 waterbodies in the city to avoid crowding during...

31 new cases push Arunachal’s COVID-19 tally to 16,092

Itanagar, Nov 24 : Arunachal Pradesh's COVID-19 tally rose to 16,092 on Tuesday as 31 more people, including five Army jawans, tested positive for...