December 1, 2020

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Sensex, Nifty Fall Over 1% On Weak Global Cues

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Indian shares fell sharply on Monday, tracking weak global markets as investors kept a close eye on negotiations on a U.S. stimulus package and rising Covid-19 cases in Europe and other parts of the world.

The benchmark S&P BSE Sensex ended the session down 540.00 points, or 1.33 percent, at 40,145.50, while the broader Nifty index ended at 11,767.75, down 162.60 points, or 1.36 percent, from its previous close.

Automakers were hit hard after reports that demand will likely take a bigger hit during the ongoing festive season. Two-wheeler manufacturer Hero Moto Corp slumped 6.7 percent and Bajaj Auto lost 6.1 percent, while utility vehicle maker Mahindra & Mahindra tumbled 4.7 percent.

Commodity-related stocks such as JSW Steel and Hindalco fell 4-5 percent after China reported the highest number of asymptomatic novel coronavirus infections in nearly seven months.

Reliance Industries tumbled 3.7 percent after an emergency arbitrator in Singapore ruled in favor of Amazon and put the RIL-Future deal on hold. Kishore Biyani’s Future Retail plunged 5.1 percent.

On the positive side, Nestle India rallied 2.6 percent after reporting better-than-expected numbers for the September quarter.

Kotak Mahindra Bank rose 2 percent after its Q2 earnings topped forecasts.

IndusInd Bank advanced 1.4 percent after denying reports concerning a merger proposal.

SBI Life rose 1.3 percent and HDFC Life added 3.2 percent.

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2020-10-26 07:25:05

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