Categories: Business

Sensex down 300 points in early trade, shares in banks and finance companies fall

Photo: PTI

Sensex drops over 300 pts in early trade; financial stocks drag

Mumbai The Bombay Stock Exchange (BSE) Sensex also fell by over 300 points in early trading on Tuesday due to selling off in global markets. During this period, shares of financial companies fell. After touching a low of 36,339.07 in the initial round of trading, the 30-share BSE Sensex was down 277.05 points, or 0.76 percent, to close at 36,416.64 points against the previous day's close. Similarly, the National Stock Exchange (NSE) Nifty index also fell by 74.85 points or 0.69 percent to 10,727.85 points.

Shares of both HDFC Bank and HDFC Ltd declined by three percent. Investigations have been initiated regarding the modalities of HDFC Bank's long-term vehicle loan handling officer. This officer has been retired on 31 March. Along with this, shares of IndusInd Bank, Bajaj Finserv, Axis Bank, Bajaj Finance, Maruti and State Bank also declined.

In contrast, shares of HCL Tech, Infosys, Nestle India, Ultra Tech Cement and ITC gained. In the previous session, the BSE Sensex had gained 99.36 points, or 0.27 percent, to close at 36,693.69 points and the Nifty rose 34.65 points to 10,802.70 points on Monday.

According to provisional data provided by the stock market, foreign institutional investors made net purchases of Rs 221.76 crore in the market. Markets in Shanghai, Hong Kong, Tokyo and Seoul also began declining on Tuesday. In an important policy decision, the US on Monday rejected China's claim in the South China Sea region, saying there was no legal basis for China's unilateral claim on the region.

Concern is rising as the number of infectives on the corona virus front increases steadily. Around 130 million people are infected worldwide while in India the figure has reached 9.06 lakh. Meanwhile, Brent crude oil futures fell 2.06 percent to $ 41.84 per barrel in the international market.

This post was published on July 14, 2020 11:56 am

Content Team

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