Indices turn lower as mounting COVID-19 cases weigh

Sensex soared over 900 points in opening trade tracking heavy buying at ICICI Bank, Infosys, HDFC twins and Reliance Industries amid rally in global stocks.
NIFTY, Sensex

Mumbai, June 29 (PTI) Benchmarks Sensex and Nifty ended lower after seesaw movements on Monday due to selloffs in financial and IT counters as surging coronavirus cases in India and around the world tempered economic recovery hopes.

After plunging 509 points during the day, the 30-share BSE Sensex pared some losses to end 209.75 points, or 0.60 per cent, down at 34,961.52.

Likewise, the NSE Nifty settled 70.60 points, or 0.68 per cent, lower at 10,312.40.

Asian stocks too closed with hefty losses, while European shares opened slightly lower.

On the Sensex chart, Axis Bank was the top loser, dropping around 5 per cent, followed by Tech Mahindra, SBI, L&T, IndusInd Bank, Infosys and NTPC.

On the other hand, HDFC Bank, HUL, Kotak Bank,Bharti Airtel and ITC were among the gainers.

Sectorally, BSE realty, metal, capital goods, industrials, power and oil and gas indices plunged up to 2.94 per cent.

In contrast, telecom and FMCG indices gained up to 1.38 per cent.

In the broader market, midcap and smallcap indices fell up to 1.39 per cent.

“Indian markets opened on a negative note tracking subdued trades in Asian markets as global coronavirus death toll crosses 500,000 as investors continued to monitor developments amid concerns that a surge in cases could impact the reopening of economies, said Narendra Solanki, Head – Equity Research (Fundamental), Anand Rathi.

Further, geopolitical tensions like India-China border issue and US-China trade tiff also kept participants on edge, market experts said.

Elsewhere, bourses in Shanghai, Hong Kong, Japan and Seoul ended with significant losses.

Meanwhile, international oil benchmark Brent crude futures fell 0.34 per cent to USD 40.79 per barrel.

On the currency front, the rupee settled 7 paise higher at 75.58 against the US dollar.

The number of cases around the world linked to the disease has crossed 1 crore and the death toll has topped 5 lakh.

In India, the number of coronavirus infections rose to 5.48 lakh, while the death toll stood at 16,475, according to the health ministry.


Leave a Reply