India News | Indices Turn Lower as Mounting COVID-19 Cases Weigh
Get latest articles and stories on India at LatestLY. Benchmarks Sensex and Nifty ended lower after seesaw movements on Monday due to selloffs in financial and IT counters as surging coronavirus cases in India and around the world tempered economic recovery hopes.
Mumbai, June 29 (PTI) Benchmarks Sensex and Nifty ended lower after seesaw movements on Monday due to selloffs in financial and IT counters as surging coronavirus cases in India and around the world tempered economic recovery hopes.
After plunging 509 points during the day, the 30-share BSE Sensex pared some losses to end 209.75 points, or 0.60 per cent, down at 34,961.52.
Likewise, the NSE Nifty settled 70.60 points, or 0.68 per cent, lower at 10,312.40.
Asian stocks too closed with hefty losses, while European shares opened slightly lower.
On the Sensex chart, Axis Bank was the top loser, dropping around 5 per cent, followed by Tech Mahindra, SBI, L&T, IndusInd Bank, Infosys and NTPC.
On the other hand, HDFC Bank, HUL, Kotak Bank,Bharti Airtel and ITC were among the gainers.
Sectorally, BSE realty, metal, capital goods, industrials, power and oil and gas indices plunged up to 2.94 per cent.
In contrast, telecom and FMCG indices gained up to 1.38 per cent.
In the broader market, midcap and smallcap indices fell up to 1.39 per cent.
"Indian markets opened on a negative note tracking subdued trades in Asian markets as global coronavirus death toll crosses 500,000 as investors continued to monitor developments amid concerns that a surge in cases could impact the reopening of economies,” said Narendra Solanki, Head - Equity Research (Fundamental), Anand Rathi.
Further, geopolitical tensions like India-China border issue and US-China trade tiff also kept participants on edge, market experts said.
Elsewhere, bourses in Shanghai, Hong Kong, Japan and Seoul ended with significant losses.
Meanwhile, international oil benchmark Brent crude futures fell 0.34 per cent to USD 40.79 per barrel.
On the currency front, the rupee settled 7 paise higher at 75.58 against the US dollar.
The number of cases around the world linked to the disease has crossed 1 crore and the death toll has topped 5 lakh.
In India, the number of coronavirus infections rose to 5.48 lakh, while the death toll stood at 16,475, according to the health ministry.
(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)