Markets

Sensex tumbles over 300 points in opening session; Nifty drops below 9,900

According to traders, negative cues from global markets on fears of a second wave of coronavirus cases and foreign fund outflow hit domestic sentiment.

Equity benchmark Sensex tumbled over 300 points in early trade on Monday dragged by losses in financial stocks amid weak cues from global markets and persistent foreign fund outflow.

After touching a low of 33,384.75, the 30-share index was trading 362.96 points, or 1.07%, lower at 33,417.93.

Similarly, NSE Nifty dropped 96.90 points, or 0.97%, to 9,876.

IndusInd Bank was the top laggard in the Sensex pack, tumbling around 4%, followed by Tata Steel, Bajaj Finance, ICICI Bank, Axis Bank, NTPC, SBI, HDFC Bank and SBI.

On the other hand, Sun Pharma, Infosys, Nestle India and Asian Paints were among the gainers.

In the previous session, the BSE barometer settled at 33,780.89, up 242.52 points, or 0.72%, and the Nifty rose 70.90 points, or 0.72%, to end at 9,972.90.

On a net basis, foreign institutional investors sold equities worth ₹1,311.49 crore in the capital market on Friday, provisional exchange data showed.

According to traders, negative cues from global markets on fears of a second wave of coronavirus cases and foreign fund outflow hit domestic sentiment here.

With signs that the deadly disease is coming back in China and seeing a resurgence in the United States too, investor optimism about economic recovery is beginning to fade, they said.

Bourses in Shanghai, Hong Kong, Tokyo and Seoul were trading on a negative note.

International oil benchmark Brent crude futures fell 2.01% to USD 37.95 per barrel.

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Printable version | Jul 7, 2020 6:07:39 PM | https://www.thehindu.com/business/markets/sensex-tumbles-over-300-points-in-opening-session-nifty-drops-below-9900/article31830946.ece

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