Sensex Tanks By 1,066 Points On Heavy Selloff, Nifty At 11,680

Sensex Tanks By 1,066 Points On Heavy Selloff, Nifty At 11,680

Together accounting for a loss of nearly 500 points in the index, Reliance Industries, HDFC Bank and ICICI Bank were the biggest drags on Sensex.

Till yesterday, there was a talk about the stock market’s continued surge at the Sensex for 10th day in a row. The longest rally seen at the Sensex for 13 years, it was the best run for the investors since 2007.

However, on Thursday, Sensex tanked over 1,000 points wiping out the majority of gains achieved in the 10-day run. Total of Rs 2.7 lakh crore was lost by investors during the day.

A selloff in IT and financial stocks pulled the markets lower.

Among 47 laggards in the Nifty basket of 50 shares, Bajaj Finance, Tech Mahindra, ICICI Bank, IndusInd Bank, Reliance Industries, SBI and HDFC Bank, closing between 3.54 per cent and 4.98 per cent lower, were the worst hit.

As concerns around the resurgence of coronavirus could lead government to shut down economies spurred profit-taking, Asian and European benchmarks tanked around 1-2 per cent.

The global market was also hurt by the comments from US Treasury Secretary Steven Mnuchin that a stimulus deal was unlikely to be made before the November 3 vote in the US.

Together accounting for a loss of nearly 500 points in the index, Reliance Industries, HDFC Bank and ICICI Bank were the biggest drags on Sensex.

Adding to the broad-based selloff, banking and financial services shares – which have a weightage of 33 per cent in the Nifty 50 index – also plummeted.

Dragged by HDFC Bank and Kotak Mahindra Bank, The Nifty Bank index, which tracks 12 major lenders in the country, ended 3.36 per cent lower.


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