Mumbai: The BSE Sensex fell 486 points on Thursday. Markets closed lower with losses in ICICI Bank, HDFC Bank and Reliance Industries, which had strong shares in the index, amid selling in global markets. The 30-share BSE Sensex closed at 52,568.94, down 485.82 points, or 0.92 per cent.
The Nifty of the National Stock Exchange also closed at 15,727.90, down 151.75 points, or 0.96 per cent. Tata Steel was the biggest loser with Sensex shares falling over 2 per cent. Apart from this, Sun Pharma, ICICI Bank, SBI, Kotak Bank and Dr. Reddy’s also declined. On the other hand, stocks including Tech Mahindra, Bajaj Auto, Power Grid and NTPC were among the gainers.
Vinod Modi, Head of Strategy, Reliance Securities, said, “The domestic stock market fell below Wednesday’s record level amid a weak global trend.” Hong Kong’s Hang Seg fell 2.50 percent. Investors sold heavily in Chinese tech stocks amid concerns over regulatory risks.
Asian markets fell on reports of talks at the Federal Reserve about the possibility of a reduction in US stimulus measures and reports of Japanese officials preparing to declare a coronavirus emergency during the Olympic Games amid rising cases of infection.
Stock markets in Shanghai, Seoul and Tokyo also fell significantly. Major markets in Europe also declined in early trade. According to Modi, there was all-round selling pressure in the domestic market. However, before the release of TCS’s financial results on Thursday, shares of IT companies showed strength. Metals and financial stocks also corrected. Meanwhile, international oil benchmark Brent crude fell 0.93 per cent to $72.75 a barrel. (agency)