Sensex slips over 1,000 points, Nifty ends 2.5% down; sell-off wipes out 6 days of gains
Sensex slips over 1,000 points: Fresh lockdown in several European countries due to second wave of Covid-19 also had cascading effect on markets as global stocks witnessed downfall.
BSE Sensex, the benchmark index, on Thursday crashed by 572 points while the NSE Nifty dropped 181.75 points
New Delhi: Stock markets ended the winning streak of past few days as the benchmark index plummeted over 1,000 points on Thursday. The sharp fall was also seen in National Stock Exchange Nifty as it tanked around 300 points to close the day at 11,680 points. Nifty slipped 1,066 points (2.61%) to close at 39,728 points.
The sudden drop in markets came in the backdrop of selling pressure due to weak global cues and weak profit-booking in some outperformers like RIL and IT stocks.
Fresh lockdown in several European countries due to second wave of Covid-19 also had cascading effect on markets as global stocks witnessed downfall.
“Markets witnessed a sharp sell-off in today’s session following global peers. Investors’ sentiments were largely impacted as US fiscal stimulus could get delayed until elections. Also, the second wave of Covid-19 infection led to strict restriction and lockdown globally majorly in Europe added to their worries,” said Ajit Mishra, VP – Research, Religare Broking Ltd.
Bajaj Finance, IndusInd Bank, Tech Mahindra, ICICI Bank and State Bank of India were the biggest losers on the Sensex, losing between 3% to 5%. On the Nifty, the only gainers were Asian Paints, JSW Steel and Hero Motocorp, reported a leading poral.
The Nifty Bank index, which has gained 7.6% so far this month, ended 3.4% lower.