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Sensex Drops Over 350 Points

Domestic stock markets started the week on a negative note, with the S&P BSE Sensex benchmark falling nearly 1 per cent in early trade, amid a mixed trend in Asian equities. The Sensex index shed as many as 351.22 points to hit 37,255.67 on the downside in early trade, having begun the day down just 11.16 points at 37,595.73. The broader NSE Nifty 50 benchmark dropped as much as 0.81 per cent – or 89.6 points – to 10,983.85, after opening down 0.14 per cent at 11,057.55 compared to its previous close of 11,073.45. Losses in banking and financial services shares dragged the markets lower, however gains in automobile counters limited the fall.

At 9:25 am, the Sensex traded 303.74 points – or 0.81 per cent – lower at 37,303.15, while the Nifty was down 72.25 points – or 0.65 per cent – at 11,001.20.

In the Nifty basket of 50 shares, 32 stocks traded lower at the time. UPL, IndusInd Bank, Kotak Mahindra Bank, HDFC Life Insurance and Axis Bank, trading between 2.03 per cent and 4.31 per cent, were the worst hit.

In the Nifty basket of 50 shares, 32 stocks traded lower at the time. UPL, IndusInd Bank, Kotak Mahindra Bank, HDFC Life Insurance and Axis Bank, trading between 2.03 per cent and 4.31 per cent, were the worst hit.

On the other hand, Tata Motors, Hero MotoCorp, Eicher Motors, Maruti Suzuki and Mahindra & Mahindra, trading between 1.96 per cent and 6.88 per cent higher, were the top Nifty gainers.

Market breadth was largely neutral, as 1,004 stocks on the BSE rose whereas 895 fell. On the NSE, 879 stocks advanced while 763 declined.

The Maruti Suzuki India stock price rose nearly 3 per cent to Rs 6,433.85 apiece on the BSE, after the country’s largest carmaker by market share reported total sales of 1,00,000 vehicles in the domestic market last month.

Meanwhile, India reported 52,972 new COVID-19 infections in the past 24 hours, taking the total to 1.8 million, data from the Ministry of Health and Family Welfare showed on Monday.

Shares elsewhere in Asia turned mixed as US lawmakers struggled to hammer out a new stimulus plan amid a global surge of new coronavirus cases, though a squeeze on crowded short positions gave the dollar a rare bounce.

MSCI’s broadest index of Asia Pacific shares outside Japan was last seen trading 0.51 per cent lower while Japan’s Nikkei 225 benchmark was up 1.91 per cent.

China’s Shanghai Composite index was up 1.06 per cent, after a survey showed China’s factory activity expanded at the fastest pace in nearly a decade in July.

However, Hong Kong’s Hang Seng and South Korea’s KOSPI gauges were down 0.90 per cent and 0.03 per cent respectively.

The E-Mini S&P 500 futures traded 0.09 per cent lower, indicating a flat to negative start for US markets on Monday.

On Friday, the Sensex had ended 129.18 points (0.34 per cent) lower at 37,606.89, and the Nifty settled at 11,073.45, down 28.70 points (0.26 per cent) from its previous close.

SOURCE: https://www.ndtv.com/

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