Sensex drops over 200 pts in early trade; Nifty tests 9,850

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Sensex gave up all the day's gains to end 63 points lower as spiking number of COVID-19 cases in the country created an uncertainty about lockdown.
Sensex and Nifty, COVID-19.

Mumbai, Jun 17 (PTI) Equity benchmark Sensex dropped over 200 points in early trade on Wednesday dragged by weakness in index-heavyweights HDFC Bank, Reliance Industries and ICICI Bank amid weak cues from Asian peers and persistent foreign fund outflows.

After touching a low of 33,332.96, the 30-share index was trading 225.22 points, or 0.67 per cent, lower at 33,380.

Similarly, NSE Nifty fell 56.40 points, or 0.57 per cent, to 9,857.60.

According to traders, border tension with China, weakness in global markets, spike in COVID-19 cases and unabated foreign fund outflows weighed on investor sentiments.

PowerGrid was the top laggard in the pack, shedding around 2 per cent, followed by NTPC, SBI, UltraTech Cement, M&M, HDFC Bank and Kotak Bank.

On the other hand, Maruti, Tech Mahindra, Axis Bank and Infosys were among the gainers.

In the previous session, the BSE barometer settled 376.42 points, or 1.13 per cent, higher at 33,605.22, while the broader Nifty closed 100.30 points, or 1.02 per cent, up at 9,914.

On a net basis, foreign institutional investors sold equities worth Rs 1,478.52 crore in the capital market on Tuesday, provisional exchange data showed.

Bourses in Shanghai, Hong Kong, Tokyo and Seoul were trading with losses in early deals.

Stock exchanges on Wall Street ended on a positive note in overnight trade.

International oil benchmark Brent crude futures fell 2.22 per cent to USD 40.05 per barrel.

The number of cases around the world linked to the disease has crossed 81.62 lakh and the death toll has topped 4.41 lakh.

Meanwhile, India witnessed highest single day spike of 2,003 COVID-19 deaths, pushing the toll to 11,903, while cases rose to 3,54,065 with 10,974 new infections.

Source:PTI

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