Sensex tanks 627 pts; Nifty ends below 14,700

Domestic equities traded lower as concerns pertaining to spike in COVID-19 cases

Mumbai: Equity benchmark Sensex tanked 627 points on Wednesday, dragged by losses in index majors HDFC twins, Reliance Industries and Infosys amid a negative trend in global markets.

The 30-share BSE index ended 627.43 points or 1.25 per cent lower at 49,509.15, and the broader NSE Nifty slumped 154.40 points or 1.04 per cent to 14,690.70.

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The HDFC duo was the top laggard in the Sensex pack, shedding nearly 4 per cent, followed by PowerGrid, Tech Mahindra, ICICI Bank, ONGC, Kotak Bank, Asian Paints, Infosys and Reliance Industries.

On the other hand, ITC, Bajaj Finserv, HUL, SBI and TCS were among the gainers.

“Domestic equities traded lower as concerns pertaining to spike in COVID-19 cases and resultant restrictions continued to weigh on investors’ sentiments,” said Binod Modi, Head – Strategy at Reliance Securities.

Further, rise in US treasury yields and strengthening dollar index aggravated concerns, he added.

Financials, especially private banks, witnessed heavy profit booking, which along with selling pressure in IT stocks dragged benchmarks. However, investors continue to lap up FMCG, metals and pharma names.

Elsewhere in Asia, bourses in Shanghai, Hong Kong, Seoul and Tokyo ended in the red.

Stock exchanges in Europe were also trading on a negative note in mid-session deals.

Meanwhile, the global oil benchmark Brent crude was trading 0.58 per cent lower at USD 63.80 per barrel.

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