Sensex Ends 300 Points Lower; Oil & Gas And Capital Goods Stocks Witness Selling

Indian share markets witnessed selling pressure today and ended on a negative note.

At the closing bell, the BSE Sensex stood lower by 300 points. Meanwhile, the NSE Nifty ended down by 96 points.

Zee Entertainment Enterprises (ZEEL) was the top loser in NSE. Meanwhile, the top gainers in NSE today include HCL Technologies and TCS.

SGX Nifty was trading at 11,170, down by 73 points, at the time of writing.

Midcap and smallcap stocks witnessed huge selling pressure today. The BSE Mid Cap index ended down by 1.7%. The BSE Small Cap index ended down by 1.6%.

On the sectoral front, capital goods stocks and oil & gas stocks were among the hardest hit.

Asian stock markets ended on a mixed note. As of the most recent closing prices, the Hang Seng was down 0.98% and the Shanghai Composite stood lower by 1.29%. The Nikkei ended up by 0.18%.

The rupee is trading at 73.52 against the US$.

Gold prices are trading down by 0.3% at Rs 50,342 per 10 grams.

Investors are now looking forward to clues on Fed's monetary policy as a slew of policymakers are due to make public speeches, including Chairman Jerome Powell, who will appear before Congressional committees later this week.

Moving on to news from the banking sector...

State Bank of India (SBI) share price will be in focus today as the lender has launched an online portal for retail borrowers who are seeking further relief from their loan's Equated Monthly Instalment (EMI) repayments because of the novel coronavirus pandemic.

Apart from launching the portal, the bank has also released a set of FAQs to answer the borrowers' queries regarding who is eligible for seeking restructuring of loans and how the process will work.

The rules, clarify that any further moratorium can be for a maximum of two years and that the last date for applying for this loan restructuring scheme is 24th December 2020. What is more, loans taken after 1st March 2020 will not be eligible for this revamp scheme even if the borrower's finances are impacted by the pandemic.

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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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