Sensex, Nifty Extend Losses On Broad-Based Selling Pressure

The S&P BSE Sensex and NSE Nifty 50 indexes extended losses in afternoon deals on the back of a broad-based selling pressure. The benchmarks opened lower amid weak global cues and rising COVID-19 cases in the country. The Sensex fell as much as 816 points and Nifty dropped below its important psychological level 10,600. HDFC, HDFC Bank, Reliance Industries, ICICI Bank, Axis Bank, Kotak Mahindra Bank and ITC were among the top drags on the Sensex.

Here are 10 things to know about sharp fall in markets:

  1. As of 1:22 pm, the Sensex dropped 768 points to 35,925 and Nifty slumped 219 points to 10.583.

  2. Investor sentiment was shaken after COVID-19 cases crossed the 9 lakh-mark as 28,498 new cases and 553 deaths were reported in the last 24 hours. While 23,727 people have died of the infection, over 5.71 lakh people or 63.02 per cent of the patients have recovered.

  3. Losses in HDFC, HDFC Bank, Reliance Industries, ICICI Bank, Axis Bank, Kotak Mahindra Bank and ITC contributed over 400 points towards fall in the Sensex.

  4. All sector gauges, barring the gauge of pharma shares, were trading lower led by Nifty Bank index’s nearly 4 per cent fall. Nifty Financial Services and Metal indexes also fell 3 per cent each.

  5. All the 12 banking shares in Nifty Bank index were trading lower with shares like RBL Bank, Bandhan Bank, IndusInd Bank, Axis Bank and IDFC First Bank dropping between 4-8 per cent.

  6. Auto shares were also facing intense selling pressure as passenger vehicle sales in the country declined 49.59 per cent last month compared with the corresponding period a year ago, industry body Society of Indian Automobile Manufacturers (SIAM) said on Tuesday.

  7. Mid- and small-cap shares were also facing selling pressure as the Nifty Midcap 100 declined 1.4 per cent and Nifty Smallcap 100 index dropped 2.14 per cent.

  8. IndusInd Bank was top Nifty loser, the stock plunged 6 per cent to Rs 508. Axis Bank, Zee Entertainment, State Bank of India, Hindalco, Eicher Motors, ICICI Bank, Maruti Suzuki, Bajaj Finserv, HDFC, Vedanta and Tata Motors also fell between 3-5 per cent.

  9. On the flipside, Dr Reddy’s Labs, Bharti Airtel, Titan and Cipla were among the notable gainers.

  10. The overall market breadth was extremely negative as 1,887 shares were declining while 647 shares were advancing on the BSE.

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