Sensex Slumps Over 400 Points, Nifty Below 11,200; Banking, Metal Shares Worst Hit

The S&P BSE Sensex and Nifty 50 indexes extended losses in noon deals on Wednesday, weighed down by selling…
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The S&P BSE Sensex and Nifty 50 indexes extended losses in noon deals on Wednesday, weighed down by selling pressure in banking, metal, financial services and realty shares. The Sensex fell as much as 430 points from its previous close of 38,365.35, and the broader Nifty 50 benchmark dropped below its important psychological level of 11,200. The benchmarks had opened lower in trade today mirroring losses in other global markets.

At 12:14 pm, the Sensex was down 398 points or 1 per cent at 37,967.31, and the Nifty traded 129 points lower at 11,188.

Equities elsewhere in Asia fell, and oil prices hit lows not seen since June, following a rout in technology shares sank Wall Street for a third consecutive day and a major drug maker delayed testing of a coronavirus vaccine.

Back home, all the sectoral gauges compiled by the National Stock Exchange except the Nifty Pharma index, traded lower, led by the Nifty PSU Bank index, which was down 3.5 per cent. The Nifty Bank, Private Bank, Auto, Realty, FMCG, Metal and Energy indices dropped between 1 per cent and 2.5 per cent each.

Mid- and small-cap shares witnessed selling pressure, with the Nifty Midcap 100 and Smallcap 100 indices down 1.7 per cent and 2 per cent respectively.

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In the Nifty basket of 50 shares, 39 were in the negative territory, led by State Bank Of India’s 4.5 per cent fall. ONGC, Indian Oil, Tata Motors, Axis Bank, Bajaj Finserv, Coal India, ICICI Bank, GAIL, ITC, Bajaj Finance, Bharat Petroleum, Hindalco and Adani Ports declined between 2 per cent and 4.2 per cent each.

On the other hand, Reliance Industries rose as much as 1.5 per cent, after the conglomerate said US-based Silver Lake would invest ₹ 7,500 crore in its subsidiary, Reliance Retail Ventures.

Dr. Reddy’s Labs, HDFC Life, Sun Pharma, Hero MotoCorp, Cipla and Nestle India were some of the other top gainers.

Overall market breadth was extremely negative, as 1,918 shares moved lower on the BSE, against 525 that were positive.

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