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Wednesday, September 23, 2020

Sensex erases its morning gains, crashes 839 points amid fresh India-China border tensions

After climbing 542.86 points (1.38 per cent) and briefly reclaiming the 40,000-mark (touching an intraday high of 40,010.17), the S&P BSE Sensex crashed 839.02 points (2.13 per cent) to end at 38,628.29. During the late afternoon trade, the 30-share BSE benchmark had fallen as much as 1,071.42 points (2.72 per cent) to a hit a low of 38,395.89.

By: Express Web Desk | New Delhi | Updated: August 31, 2020 4:20:43 pm
An electronic ticker board displays stock figures outside the Bombay Stock Exchange (BSE) building in Mumbai, India, on Tuesday, Dec. 11, 2018. (Photographer: Dhiraj Singh/Bloomberg)

The benchmark equity indices on the BSE and National Stock Exchange (NSE) erased all of their morning gains and crashed into a sea of red on Monday after reports of fresh tensions in the India-China border in eastern Ladakh.

After climbing 542.86 points (1.38 per cent) and briefly reclaiming the 40,000-mark (touching an intraday high of 40,010.17), the S&P BSE Sensex crashed 839.02 points (2.13 per cent) to end at 38,628.29. During the late afternoon trade, the 30-share BSE benchmark had fallen as much as 1,071.42 points (2.72 per cent) to a hit a low of 38,395.89.

Likewise, the Nifty 50 too ended 305.15 points (2.62 per cent) lower at 11,342.45. In the early morning trade it had reached an intraday high of 11,794.25, which it soon erased and had slipped to 11,325.85.

Among stocks, Sun Pharmaceutical Industries, State Bank of India (SBI), Bajaj Finserv, Bajaj Finance, NTPC and ICICI Bank registered the most losses. Only two stocks ended in the positive territoty – Oil and Natural gas Corporation (ONGC) and Tata Consultancy Services (TCS). (see heatmap below)

Gainers and losers of the day on the Sensex. (Source: BSE)

All the sectoral indices on the NSE settled lower on Monday. Among the key sectors, the Nifty Pharma index was the worst performer slipping 5.25 per cent weighed by Sun Pharma and Aurobindo Pharma. This apart, the Nifty PSU Bank index also fell 5.06 per cent dragged by The Jammu & Kashmir Bank and Canara Bank.

Here’s how the sectoral indices performed:

Sectoral losers of the day on the National Stock Exchange. (Source: NSE)

In the broader market, the S&P BSE MidCap settled at 14,661.37, after declining 576.77 points (3.79 per cent), while the S&P BSE SmallCap fell 654.37 points (4.37 per cent) to end at 14,336.18.

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