Sensex Ends Over 400 Points Lower As Markets Snap 2-Day Winning Streak

Sharp selling pressure in financial and energy stocks dragged the markets lower

S&P BSE Sensex and NSE Nifty 50 indexes snapped their two-day winning streak on Tuesday. The benchmarks gave up all of their intraday gains to nosedive in the last hour of trade amid intense selling pressure in banking and financial services shares. The Sensex plunged as much as 930 points from the day’s highest level and the Nifty 50 index broke below its important psychological level of 10,050. Earlier in the day, Sensex had risen as much as 441 points from its previous close, and the Nifty 50 index climbed to as high as 10,291

The Sensex fell 414 points or 1.2 per cent to close at 33,956.69 and the Nifty 50 index dropped 121 oints or 1.2 per cent to settle at 10,046.65.

Investor sentiment took a hit after the World Health Organization said Monday that the coronavirus pandemic situation was worsening around the globe, as it warned against complacency.

Following WHO’s comments markets across Europe turned negative. Germany’s DAX fell 1.6 per cent, England’s FTSE 100 index declined 1.48 per cent and France’s CAC 40 index dropped 1.5 per cent.

US Stock futures S&P 500 futures and Nasdaq futures were also indicating a negative start for the US markets in the evening.

Back home, nine of 11 sector gauges compiled by the National Stock Exchange were ended lower led by the Nifty Bank index’s 2.2 per cent fall. Nifty Financial Services, Media, PSU Bank, Private Bank, Metal and Auto indexes also fell between 1.2-3 per cent each.

On the other hand, pharma shares witnessed buying interest as the Nifty Pharma index was top gainer, up 1.8 per cent.

Mid- and small-cap shares also witnessed selling pressure as Nifty Midcap 100 index dropped 0.4 per cent and Nifty Smallcap 100 index fell 1.4 per cent.

ICICI Bank was top Nifty loser, the stock fell 3.75 per cent to close at Rs 346. GAIL India, Wipro, Tata Motors, BPCL, Titan, Bharti Airtel, HDFC Bank, Zee Entertainment, JSW Steel and Axis Bank also fell between 3-3.7 per cent each.

On the flipside, Dr Reddy’s Labs, Sun Pharma, IndusInd Bank, Bharti Infratel, Cipla, Adani Ports and HDFC were among the gainers.

The overall market breadth was negative as 1,458 shares ended lower while 1,118 ended higher on the BSE.

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