Sensex Ends 143 Points Lower; Banking And Finance Stocks Witness Selling

Indian share markets witnessed selling pressure throughout the day today, tracking weak global cues as coronavirus cases continue to surge across the world.

Benchmark indices fell further in the afternoon session, amid concerns of a fresh set of lockdowns due to rise in coronavirus cases.

At the closing bell, the BSE Sensex stood lower by 143 points, down 0.4%. The NSE Nifty closed down by 45 points, down 0.4%.

SGX Nifty was trading at 10,742, down by 82 points, at the time of writing.

The BSE Mid Cap index ended the day down by 0.8%. The BSE Small Cap index ended down by 0.4%.

Among sectoral indices, banking stocks and finance stocks were among the hardest hit.

Energy stocks, on the other hand, witnessed buying interest.

Asian stock markets ended deep in the red today, following Wall Street indices, on worries that economic recoveries might fade as coronavirus cases increase in the United States and some other countries.

As of the most recent closing prices, the Hang Seng ended down by 1.8% while the Shanghai Composite stood lower by 2%. The Nikkei declined 1.1%.

Gold prices are trading up by 0.5% at Rs 49,104 per 10 grams.

The rupee is trading at 75.20 against the US$.

Speaking of the current stock market scenario, have a look at the chart below which shows how the BSE Sensex and the smallcap index have moved over the past one year:

The markets are coming out of the deep fall. An important driver of this rally is the increasing inflow from foreign institutional investors now that the global economies have opened the liquidity tap.

Moving on, market participants were tracking Tata Consultancy Services (TCS) share price.

The company flagged off the June quarter earnings season by reporting a profit at Rs 70.1 billion, down 12.9% QoQ, dented by lockdown-led supply and demand challenges.

The year-on-year fall in profit stood at 13.8%, which partially impacted by a 67.8% YoY (down 19% QoQ) decline in other income to Rs 4.6 billion.

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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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