Markets

Sensex snaps 4-day winning run, plunges 561 points as financial stocks tank

A view of the BSE building in Mumbai. File

A view of the BSE building in Mumbai. File   | Photo Credit: PTI

The NSE Nifty fell 165.70 points.

Snapping its four-day rising streak, equity benchmark Sensex surrendered all early gains to plunge 561 points on Wednesday, tracking a selloff in financial stocks and weak cues from global markets.

The 30-share index settled 561.45 points, or 1.58%, lower at 34,868.98. It hit an intra-day high of 35,706.55 and a low of 34,794.93.

Similarly, the NSE Nifty fell 165.70 points, or 1.58%, to 10,305.30. During the day, it touched a peak of 10,553.15 and a low of 10,281.95.

IndusInd Bank was the top laggard in the Sensex pack, tanking over 7%, followed by ICICI Bank, PowerGrid, Axis Bank, SBI and Bharti Airtel.

On the other hand, Asian Paints, ITC, Nestle India and Reliance Industries were among the gainers.

According to traders, despite opening on a positive note, selloff in financial stocks dragged domestic equities into the negative territory.

Weak opening of European equities too weighed on investor sentiment, they said.

Stock exchanges in Paris, Frankfurt and London sank over 2% in early deals.

Bourses in Hong Kong and Tokyo settled in the red, while Shanghai and Seoul ended with gains.

International oil benchmark Brent crude futures fell 1.15% to USD 42.14 per barrel.

On the currency front, the rupee erased its initial gains and provisionally settled lower by 6 paise at 75.72 against the US dollar.

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Printable version | Jul 11, 2020 12:27:58 PM | https://www.thehindu.com/business/markets/sensex-snaps-4-day-winning-run-plunges-561-points-as-financial-stocks-tank/article31905612.ece

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