Equity Indices Tumble 2 Per Cent Due To Global Fears Of Resurgence In COVID-19 Cases
Equity benchmark indices plunged over 2 per cent as a result of rising global concern about the rapid increase of Coronavirus infections.
Equity benchmark indices plunged over 2 per cent amid the rising global concern on the resurgence of Coronavirus infections. Due to the increasing number of COVID-19 cases, a fear has sparked worries among investors that it will delay the economic recovery. At 10:15 am, the BSE S&P Sensex was down by 749 points or 2.23 per cent at 32,790 while the Nifty 50 edged lower by 218 points or 2.21 per cent at 9,684. All sectoral indices at the National Stock Exchange were in the red with Nifty PSU bank down by 3.8 per cent, private bank by 3.7 per cent, financial service by 3.2 per cent, metal by 2.8 per cent, and auto by 2.2 per cent. Among stocks, IndusInd Bank lost by 6 per cent to Rs 491.55 per share. Kotak Mahindra Bank tumbled by 4.1 per cent, ICICI Bank by 3.8 per cent, and Axis Bank by 3.6 per cent.
Bajaj Finance lowered by 3.4 per cent to Rs 2,258.05 per unit and Bajaj Finserv levelled 3.7 per cent lower at Rs 4,965.45. Tata Motors, Zee Entertainment, UPL and ONGC also proved to be losers. However, Bharti Infratel, Bharti Airtel, Sun Pharma, and Bharat Petroleum Corporation managed to gain even in these tough times. Meanwhile, Asian shares dropped after an overnight plunge at Wall Street due to concerns that a resurgence of Coronavirus cases could stunt the pace of recovery in economies reopening from lockdowns.
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