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Wednesday, November 25, 2020

Sensex falls 580 points, Nifty ends below 12,800-mark as banks crash

The S&P BSE Sensex crashed 580.09 points (1.31 per cent) to settle at 43,599.96, while the Nifty 50 slipped 166.55 points (1.29 per cent) to end at 12,771.70.

By: Express Web Desk | New Delhi | Updated: November 19, 2020 3:54:41 pm
A street stands empty near the Bombay Stock Exchange (BSE) in Mumbai, India, on Friday, March 27, 2020. (Photographer: Dhiraj Singh/Bloomberg)

Domestic benchmark indices on the BSE and National Stock Exchange (NSE) fell over 1 per cent on Thursday taking cues from their global peers which eased as widening COVID-19 restrictions weighed on market sentiment.

The S&P BSE Sensex crashed 580.09 points (1.31 per cent) to settle at 43,599.96, while the Nifty 50 slipped 166.55 points (1.29 per cent) to end at 12,771.70. Both the indices had opened with around 0.5 per cent losses and after moving in a range they fell further during the final hour of trade.

The banks were the top laggards on Thursday. State Bank of India (SBI), ICICI Bank, Axis Bank were the biggest drags on the BSE benchmark. They were followed by Ultratech Cement, Bajaj Finance and HDFC Bank. See the heatmap below

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

Among the sectoral indices, the key Bank Nifty crashed nearly 3 per cent weighed by the shares of The Federal Bank, SBI and ICICI Bank. Likewise, the Nifty Financial Services index too fell nearly 2.5 per cent dragged by ICICI Prudential Life Insurance Company, Piramal Enterprises and Bajaj Finance.

Here’s how the sectoral indices performed:

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

In the broader market, the S&P BSE MidCap index ended at 16,237.63, down 106.22 points (0.65 per cent), while the S&P BSE SmallCap settled at 16,059.06, up 5.48 points (0.03 per cent). The volatility index or India VIX ended up 2.35 per cent higher at 19.5700.

Global market

World stocks eased for the third day in a row and oil fell on Thursday tracking overnight weakness in Asia and Wall Street as widening COVID-19 restrictions weighed on market sentiment.

Positive news about potential vaccines had helped push the MSCI World Index to a record high earlier in the week, only to see investors pull back as a host of countries announced record infection rates and tougher lockdowns.

At 0844 GMT, the broad gauge of global equities was trading down 0.3 per cent while Europe’s major indexes were down around 0.7 per cent. Oil prices also eased as virus restrictions crimped demand expectations.

The weaker sentiment was triggered by a late US sell-off overnight that had seen the S&P 500 close down 1.1 per cent; weighed by news COVID-19 deaths in the world’s biggest economy had passed 250,000, underpinning a host of lockdowns.

Similarly sombre news in Japan, where a record number of cases and a rise in Tokyo’s pandemic alert level sent the Nikkei down 0.4 per cent. MSCI’s broadest index of Asia-Pacific shares outside Japan fell 0.5 per cent.

— global market input from Reuters

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