Business News | Sensex Drops 486 Points, Metals and Banks Crack

Mumbai (Maharashtra) [India], July 8 (ANI): Equity benchmark indices ended nearly a per cent lower on Thursday, dragged by bank, metal and pharma names amid pessimistic global cues.

At the closing bell, the BSE S&P Sensex was down by 486 points or 0.92 per cent at 52,569 while the Nifty 50 slipped by 152 point or 0.96 per cent to 15,728.

Except for Nifty IT, all sectoral indices at the National Stock Exchange were in the negative zone with Nifty metal down by 2.1 per cent, PSU bank by 1.9 per cent and private bank by 1.3 per cent.

Among stocks, Tata Motors slipped by 3.4 per cent to Rs 306.15 per share. JSW Steel cracked by 3.1 per cent, Hindalco by 2.7 per cent and Tata Steel by 2.3 per cent.

State Bank of India was down by 1.9 per cent, ICICI Bank by 1.8 per cent and Kotak Mahindra Bank by 1.6 per cent. However, Tech Mahindra gained by 1.4 per cent, HCL Technologies by 0.1 per cent and Eicher Motors by 0.8 per cent.

Meanwhile, Asian stocks fell to a six-week low as an extended selloff in tech shares in Hong Kong and rising virus cases added to a broad risk-averse mood.

Japan's Nikkei fell 0.88 per cent as Tokyo declared a state of emergency ahead of Olympics. Hong Kong's Hang Seng index led losses with a 2.89 per cent drop as tech stocks tumbled on persistent regulatory fears.

And South Korean stocks fell 0.99 per cent on record daily virus cases.

(ANI)

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