Markets

Sensex plunges 600 points; Nifty cracks below 11,750

Photo for representation.   | Photo Credit: PTI

Equity benchmark Sensex plunged 600 points on Wednesday, tracking heavy losses in index majors Reliance Industries, HDFC Bank and ICICI Bank amid a massive selloff in European markets.

After hitting a low of 39,774.60 during the day, the 30-share BSE index ended 599.64 points or 1.48% lower at 39,922.46.

Similarly, the broader NSE tanked 159.80 points or 1.34% to close at 11,729.60.

IndusInd Bank was the top loser in the Sensex pack, shedding over 3%, followed by HDFC, ICICI Bank, Tech Mahindra, Bajaj Finance, UltraTech Cement and Tata Steel.

On the other hand, Bharti Airtel was the top gainer, rallying more than 4%, after the country’s second largest telecom operator reported its highest-ever quarterly consolidated revenue, helping it narrow losses in the July-September period.

Consolidated revenue rose 22% to ₹ 25,785 crore in the September quarter, while net loss narrowed to ₹ 763 crore.

M&M, Maruti and L&T also ended with gains.

According to analysts, Indian equities faced intense selloff after European markets opened with heavy losses amid spiking COVID-19 cases.

Extremely volatility was also witnessed ahead of monthly derivatives expiry and US presidential election, they said.

Benchmarks in Europe plunged up to 3% in early deals.

Bourses in Hong Kong and Tokyo ended on a negative note, while Shanghai and Seoul were in the positive territory.

Meanwhile, international oil benchmark Brent crude was trading 3.20% lower at USD 40.28 per barrel.

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Printable version | Nov 25, 2020 6:18:19 AM | https://www.thehindu.com/business/markets/sensex-plunges-600-points-nifty-cracks-below-11750/article32962887.ece

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