Business

Sensex Loses Over 500 Points, Dragged By Metal, Banking Stocks

Sensex Loses Over 500 Points, Dragged By Metal, Banking Stocks

Hindalco, Tata Steel, ICICI Bank, Axis Bank and IndusInd Bank shed around a per cent each on the BSE

The stock markets are trading in the red an account of negative global cues, amid concerns about rising Coronavirus cases.  At 10:50 am, the BSE Sensex was at  49,374.50, weaker by 673 points or 1.33 per cent and the NSE Nifty was at 14,612.20, down 201.90 points or 1.37 per cent. The BSE Midcap and BSE Smallcap indices were trading lower by 1.3 per cent and 0.6 per cent respectively.

US stocks tumbled on Tuesday as concerns about the cost of infrastructure spending and potential tax hikes to pay for President Joe Biden's $1.9 trillion relief bill weighed on investors who also fear further downside in the market. The Dow Jones Industrial Average fell 308.05 points and the S&P 500 lost 30.07 points.

Foreign institutional investors (FIIs) were net sellers in the capital market on Tuesday as they offloaded shares worth Rs 108.24 crore, as per exchange data.

The rupee depreciated by 10 paise to 72.53 against the US dollar in opening trade on Wednesday, following a heavy selloff in domestic equities and strong dollar in the overseas market.

On the stock-specific front, banking and metal stocks are having a weak session of trade. Hindalco has weakened by 1.9 per cent to top the losers list on the BSE and Tata Steel has shed 1.6 per cent. In the banking space, ICICI Bank, Axis Bank and IndusInd Bank have shed around a per cent each on the BSE. 

On the gainers side, Asian Paints has jumped 1.7 per cent to top the BSE gainer's list. Pharma stocks are also trading strong, with Dr Reddy's, Cipla, Divi's Lab and Sun Pharma adding around a per cent each on the BSE.

On the IPO front, Anupam Rasayan had a tepid listing on the bourses today. The shares listed at Rs 534.37 on the BSE, which is a 3.6 per cent discount to the issue price of Rs 555. On the NSE, the shares listed at Rs 520, a discount of 6.3 per cent. 

The BSE market breadth is weak. Out of 2081 stocks traded on the BSE, there are 956 advancing stocks as against 1022 declines.