Sensex sinks over 400 points in early trade
What's the story
Equity benchmark Sensex dropped over 400 points in early trade on Thursday, dragged by losses in index majors Reliance Industries, Infosys, and HDFC Bank amid foreign fund outflow and a weak trend in global markets. The 30-share BSE index was trading 404.94 points or 0.82 percent lower at 48,775.37, and the broader NSE Nifty declined 113.50 points or 0.78 percent to 14,435.90.
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Who were the top gainers and losers?
IndusInd Bank was the top loser in the Sensex pack, shedding around 2 percent, followed by Maruti, SBI, Axis Bank, Bajaj Finance, Reliance Industries, Infosys, and HDFC Bank. On the other hand, ONGC, Titan, L&T, and Dr. Reddy's were among the gainers.
Market trends
Pharma stocks made a comeback; banking stocks have weakened
"The uncertainty in the market continues with increasing risk arising from the second wave of COVID-19 in India and a third wave in parts of Europe," said VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services. Volatility is here to stay for some time before stability emerges. In recent days, pharma stocks have made a comeback and the banking stocks have weakened.
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Sensex ended 1.74 percent lower in previous session
In the previous session, the Sensex ended 1.74 percent lower at 49,180.31, and the Nifty declined 1.79 percent to 14,549.40. Foreign institutional investors were net sellers in the capital market on Wednesday as they offloaded shares worth Rs. 1,951.90 crore, as per exchange data.
Global markets
Brent crude is trading at $63.50 per barrel
Elsewhere in Asia, bourses in Shanghai and Hong Kong were all trading in the red in mid-session deals, while Tokyo and Seoul were trading on a positive note. Top bourses on Wall Street ended with significant losses in overnight trade. Meanwhile, the global oil benchmark Brent crude was trading 1.41 percent lower at $63.50 per barrel.