Markets

Sensex drops over 200 points; Nifty near 11,600

Employee in stock broking firm looking at a screen as BSE Sensex goes down on Friday, February 28, 2020.

Employee in stock broking firm looking at a screen as BSE Sensex goes down on Friday, February 28, 2020.   | Photo Credit: Vivek Bendre

Top losers in the Sensex pack included HCL Tech, HDFC Bank, TCS, M&M, IndusInd Bank, Sun Pharma, ICICI Bank and Reliance Industries

Market benchmark Sensex dropped over 200 points in opening session on Thursday as incessant foreign fund outflow and coronavirus overhang weighed on global investor sentiment.

The 30-share index dropped 202.44 points, or 0.51 %, to 39,686.52, while the NSE Nifty fell 62.75 points, or 0.54 %, to 11,615.75.

Top losers in the Sensex pack included HCL Tech, HDFC Bank, TCS, M&M, IndusInd Bank, Sun Pharma, ICICI Bank and Reliance Industries.

On the other hand, Titan, NTPC, Nestle India and Kotak Bank were trading with gains.

In the previous session, the Sensex settled with a loss of 392.24 points, or 0.97 %, at 39,888.96, and Nifty plummeted 119.40 points or 1.01 % to end at 11,678.50.

According to analysts, intense spread of coronavirus is pushing investors away. There is sharp foreign fund outflow led by strong dollar index, as investors reduce their exposure to emerging markets amid global uncertainty.

On a net basis, foreign institutional investors sold equities worth ₹ 3,336.60 crore, while domestic institutional investors bought shares worth ₹ 2,785.67 crore on Wednesday, data available with stock exchanges showed.

Stock exchanges in Hong Kong, Seoul and Tokyo were trading with losses, while bourses in Shanghai were positive.

Equities on Wall Street too ended on a tepid note on Wednesday.

Brent crude oil futures fell 1.19 per cent to $52.18 per barrel.

The rupee appreciated 2 paise to 71.63 against the US dollar in morning session.

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Printable version | Mar 31, 2020 2:21:30 AM | https://www.thehindu.com/business/markets/sensex-drops-over-200-points-nifty-near-11600/article30928738.ece

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