Indian Indices Extend Losses; IndusInd Bank, Bajaj Finance & TCS Fall Over 4%

Share markets in India have extended early losses and are presently trading deep in the red.

Benchmark indices staged a gap-down opening today, following a rout in US markets overnight after a number of Fed officials suggested the US economy was worse than the market was pricing in.

Selling pressure is also seen as investors worried over resurging Covid-19 cases in European cities that led to more restrictions.

All sectoral indices are trading on a negative note with stocks in the IT sector and automobile sector witnessing most of the selling pressure.

The BSE Sensex is trading down by 687 points, down 1.9% at 37,000 levels.

The NSE Nifty is trading down by 202 points.

IndusInd Bank is the top loser in NSE. Meanwhile, the top gainers in NSE today include HUL and Bharti Infratel.

The BSE Mid Cap index is trading down by 1.9%.

The BSE Small Cap index is trading down by 2%.

US stock futures are trading lower today. Nasdaq Futures are trading down by 47 points (down 0.5%), while Dow Futures are trading down by 44 points (down 0.2%).

The rupee is trading at 73.88 against the US$.

Gold prices are trading down by 0.3% at Rs 49,348 per 10 grams.

In news from the energy sector, ONGC is among the top buzzing stocks today.

Shares of the company declined over 3% after a massive fire broke out at the state-owned exploration & production company's plant in Surat, Gujarat.

The company said that no one has been injured in the accident so far.

As per media reports, the reason for the massive fire is being attributed to three consecutive blasts that took place at two terminals of the Hazira-based ONGC plant in Surat at around 3:30 am. The sound could be heard at a distance of over 10 km.

ONGC share price is presently trading down by 1%.

Market participants are also tracking Syngene International share price.

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Disclosure: Equitymaster Agora Research Private Limited (Research Analyst) bearing Registration No. INH000000537 (hereinafter referred as 'Equitymaster') is an independent equity research ...

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