HDFC was the top loser in the Sensex pack.
Domestic equity benchmark Sensex plunged 394 points on Thursday, tracking a massive selloff in global markets after US Fed’s gloomy economic outlook spooked investors across the world. The BSE Sensex ended 394.40 points or 1.02% lower at 38,220.39. The broader NSE Nifty slumped 96.20 points or 0.84% to 11,312.20. HDFC was the top loser in the Sensex pack, shedding over 2%, followed by Axis Bank, Bharti Airtel, M&M, Reliance Industries, ICICI Bank, IndusInd Bank and Titan. On the other hand, NTPC, ONGC, PowerGrid and Tata Steel were the gainers. The Indian market opened on a negative note following subdued Asian markets which were impacted by the US Federal Reserve’s cautious view of the economy, US-China tensions and new clusters of coronavirus infections, said Narendra Solanki, Head- Equity Research (Fundamental), Anand Rathi.The Fed’s minutes showed again that policymakers are finding it difficult to forecast the path of the economy, which will depend greatly on what happens with the coronavirus. During the afternoon session markets briefly attempted to bounce back from day’s lows but the strength failed to sustain as profit booking by traders was seen, he said. “Traders also remained concerned with the World Bank’s report stating that it is likely to project a steeper contraction in India’s economy than the 3.2% it had forecast for the current financial year,” he added. Bourses in Shanghai, Hong Kong, Tokyo and Seoul ended with heavy losses. Stock exchanges in Europe also witnessed robust selling in early sessions. Global oil benchmark Brent crude was trading 1.06% lower at USD 44.89 per barrel. In the forex market, the rupee settled at 75.02 against the US dollar, down 20 paise over its previous close.
You have reached your limit for free articles this month.
To get full access, please subscribe.
Already have an account ? Sign in
Show Less Plan
Subscription Benefits Include
Today’s Paper
Find mobile-friendly version of articles from the day’s newspaper in one easy-to-read list.
Faster pages
Move smoothly between articles as our pages load instantly.
Unlimited Access
Enjoy reading as many articles as you wish without any limitations.
Dashboard
A one-stop-shop for seeing the latest updates, and managing your preferences.
Personalised recommendations
A select list of articles that match your interests and tastes.
Briefing
We brief you on the latest and most important developments, three times a day.
*Our Digital Subscription plans do not currently include the e-paper ,crossword, iPhone, iPad mobile applications and print. Our plans enhance your reading experience.
