scorecardresearch
Follow Us:
Tuesday, October 20, 2020

Sensex crashes 812 points, Nifty settles below 11,300 on global cues

The S&P BSE Sensex crashed 811.68 points (2.09 per cent) to end at 38,034.14, while the Nifty 50 settled at 11,250.55, thereby registering a fall of 254.40 points (2.21 per cent).

By: Express Web Desk | New Delhi | Updated: September 21, 2020 4:09:44 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) settled over 2 per cent lower on Monday led by a selloff in the late afternoon session of trade tracking weakness in the global market.

The S&P BSE Sensex crashed 811.68 points (2.09 per cent) to end at 38,034.14, while the Nifty 50 settled at 11,250.55, thereby registering a fall of 254.40 points (2.21 per cent). Both the indices had opened on a cautious note earlier in the day and traded in a narrow range for most of the session.

Market heavyweight Reliance Industries (RIL) and private sector lender ICICI Bank were the top index contributors on the Sensex for Monday’s decline. Apart from them, IndusInd Bank, Bharti Airtel and Tata Steel also dragged the 30-share benchmark.

On the other hand, only Kotak Mahindra Bank and IT giants Infosys and Tata Consultancy Services (TCS) ended in green.

Among the key sectoral indices on NSE, the Nifty Metal index was among the worst performer of the day after crashing 5.53 per cent weighed by Jindal Steel & Power, Hindalco Industries and Steel Authority of India (SAIL). Separately the Nifty Pharma index also slipped 4.46 per cent dragged by Biocon, Torrent Pharmaceuticals and Divi’s Laboratories. The key Bank Nifty too declined 3.36 per cent weighed by IndusInd Bank, Bandhan Bank and RBL Bank.

In the broader market, the S&P BSE MidCap index tumbled 516.21 points (3.43 per cent) to settle at 14,531.59, while the S&P BSE SmallCap ended at 14,747.34, registering a fall of 552.64 points (3.61 per cent).

Global market

European shares fell on Monday as rising COVID-19 infection rates in Europe prompted renewed lockdown measures in some countries, casting doubt over the economic recovery, with a lack of US stimulus also weighing on sentiment.

The MSCI world equity index, which tracks shares in 49 countries, was down 0.5 per cent at 0748 GMT.

European indexes opened lower, with the pan-European STOXX 600 down 1.7 per cent, at its lowest in nearly two weeks. London’s FTSE 100 was at a two-week low, down 2.4 per cent and Germany’s DAX fell 2 per cent.

Banking shares slid after a media report on how several global banks moved large sums of allegedly illicit funds over nearly two decades. HSBC shares sunk to a 25-year low in Hong Kong.

Investors are becoming more cautious about Europe, amid a sharp uptick in new COVID-19 cases. European countries including Denmark, Greece and Spain have introduced new restrictions on activity.

Britain is considering a second national lockdown as new cases rise by at least 6,000 per day. Germany’s health minister said the rising new infections in countries like France, Austria and the Netherlands is worrying.

Investors will be looking ahead to flash PMI data on Wednesday for the first hints of how economies have fared in September.

-global market inputs from Reuters

📣 The Indian Express is now on Telegram. Click here to join our channel (@indianexpress) and stay updated with the latest headlines

For all the latest Business News, download Indian Express App.

Advertisement
Advertisement
Advertisement
Advertisement