Sensex Declines Over 250 Points, Nifty Trades Below 17,100; Banks, Drag Financial Stocks

Medium and small -cap stocks are traded on mixed notes.

New Delhi:

Indian equity benchmarks plunged after opening higher on Monday, dragged down by banking and finance stocks. Asian stocks slumped as the coronavirus closure in Shanghai looked set to hurt global activity. The spread of sanctions in China – the world’s largest oil importer – saw Brent fall $ 3.26 to $ 117.39, while U.S. crude oil fell $ 3.37 to $ 110.53. The ongoing Russia-Ukraine conflict has also left investors helpless.

Back home, 30 shares of BSE Sensex fell 253 points or 0.44 percent to 57,109 in early trade, while the broader NSE Nifty moved 69 points or 0.40 percent down to 17,084.

Medium and small -cap stocks traded on mixed notes as the Nifty Midcap 100 rose 0.03 and small -cap stocks declined 0.31 percent.

Nine of the 15 sector gauges – compiled by the National Stock Exchange – are traded in red. Nifty Financial Services and Nifty Bank outperformed the index by down 1.12 per cent and 0.94 per cent, respectively.

In terms of specific shares, HDFC Bank was Nifty’s biggest loser as the stock cracked 1.84 per cent to Rs 1,404.55. Bank Kotak Mahindra, HDFC, HDFC Life and UPL are also among those left behind.

However, the overall market remained weak as 1,103 stocks rose while 1,738 declined on the BSE.

On the 30 -stock BSE index, HDFC twins (HDFC and HDFC Bank), Box Bank, Bajaj Finance, Dr Reddy’s, SBI and Bajaj Finserv were among the biggest losers.

In contrast, Maruti, PowerGrid, SUn Pharma, ITC, Tata Steel and Sun Pharma traded in green.

Also, shares of multiplex firms PVR and INOX Leisure soared after announcing the merger.

The Sensex was down 233 points or 0.41 percent to close at 57,362 on Friday, while the Nifty was moving 70 points or 0.40 percent lower to close at 17,153.


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