Home Business Business Sensex slips 300 points to close at 37,734; Nifty holds 11,150:...

Business Sensex slips 300 points to close at 37,734; Nifty holds 11,150: Key points

Business NEW DELHI: Equity indices continued to fall for the fourth straight session on Tuesday with the benchmark BSE sensex plunging 300 points, as rising global Covid-19 cases and concerns over fresh lockdowns in Europe weighed on investor sentiment. The 30-share BSE index fell 300 points or 0.79 per cent to close at 37,734; while the broader NSE Nifty settled 97 points or 0.86 per cent lower at 11,154. Maruti, IndusInd Bank, Axis Bank, LT, ONGC and Asian Paints were the top laggards in the sensex pack falling as muchh as 3.15 per cent. While HCL Tech, TCS, Sun Pharma, Tech Mahindra were the top gainers rising up to 3.02 per cent. On NSE, sub-indices Nifty Media, Realty, Auto and PSU Bank plunged up to 2.60 per cent. Here are the top factors responsible for the slide:* Weak global cuesAsian shares dropped on Tuesday due to concerns about new pandemic lockdowns in Europe and possible delays in fresh US stimulus. A new round of pandemic business restrictions would threaten a nascent recovery and further pressure equity markets. Global stock markets and US futures tumbled on Monday due to US-Chinese tension over technology and security and the prospect of tougher restrictions on public life in Europe to limit coronavirus cases. US stocks have tumbled over the past three weeks as investors dumped heavyweight technology-related stocks following a stunning rally that lifted the S&P 500 and the Nasdaq to new highs. * Surge in Covid-19 casesIn India, total novel coronavirus cases crossed 55 lakh-mark, while the Covid-19 death toll in the United States approached 2,00,000. Both the domestic indices witnessed significant selling pressure as a rise in coronavirus cases at home and abroad dented investor sentiment. Coronavirus outbreak: Live updates* Profit-booking”Indian benchmark indices succumbed to profit booking. It was in sync with global cues which turned negative following surge in (Covid-19) infections in various countries including in Europe,” an analyst said. In the previous session, sensex had ended 812 points or 2.09 per cent lower at 38,034, while Nifty tumbled 254 points or 2.21 per cent to finish at 11,251. Meanwhile, exchange data showed that foreign institutional investors sold equities worth Rs 539.81 crore on a net basis on Monday. Traders also booked profit ahead of the expiry of futures and options (F&O) contracts for the September series due on Thursday (September 24). * Financial stocks tumbleBanking and financial stocks fell after it was learnt that several global banks moved large sums of allegedly illicit funds over a period of nearly two decades, despite red flags about the origins of the money. The reports were based on leaked suspicious activity reports (SARs) filed by banks and other financial firms with the US Department of Treasury’s Financial Crimes Enforcement Network (FinCen). (With agency inputs)
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