Nifty below 8,400, Sensex drops 750 points on growth worries
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Synopsis
IndusInd Bank saw low level buying after a 15 per cent fall in the previous session.
BSE flagship Sensex plunged 741 points to 28,726 while NSE benchmark Nifty shed 254 points to 8,343. Broader market indices were faring better than their headline peers as Nifty Smallcap dipped 0.10 per cent while Nifty Midcap dropped 0.17 per cent. Nifty 500 was down 0.83 per cent.
Among bluechip stocks, IndusInd Bank saw low level buying after a 15 per cent fall in the previous session. The scrip jumped 7.42 per cent to Rs 381 as multiple brokerages maintained ‘buy’ rating on it. FMCG giants Nestle India and HUL also gained about a per cent each.
Most constituents of the 30-share pack Sensex traded in the red with Kotak Mahindra Bank being the biggest loser. It was down 5.50 per cent at Rs 1,225. ONGC, SBI, Bajaj Finance and HCL Tech were among other major losers.
Barring Nifty FMCG and Nifty Realty that were up 0.94 per cent and 0.17 per cent, respectively, all sectoral indices were trading in the red on NSE. Nifty IT was the biggest loser down 1.77 per cent, followed by Nifty Financial Services that dropped 1.73 per cent.
Sensex falls 500 points, Nifty below 8,500; IndusInd Bank jumps 10%
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MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.23 per cent. Australian shares jumped by 2.87 per cent, reversing a 2 per cent decline on Tuesday, as a slowdown in new coronavirus cases and rising iron ore prices lifted the market.
Shares in China, where the coronavirus first emerged late last year, rose 0.18 per cent, supported by hopes the world's second-largest economy has started to recover.