Sensex, Nifty decline 2% on growing second COVID-19 wave fears; key factors behind today’s fall

By: |
May 12, 2020 10:25 AM

HDFC twins, Reliance Industries, ICICI Bank, Kotak Mahindra Bank contributed the most to the indices' losses in the morning trade

Sensex, nifty, stock marketThe 30-share index Sensex breached the crucial 31,000-mark and hit a day’s low of 30,922.

Following the negative global cues, headline indices BSE Sensex and Nifty 50 were trading nearly 2 per cent down on Tuesday on the back of growing fears of the second wave of coronavirus infections. The 30-share index Sensex breached the crucial 31,000-mark and hit a day’s low of 30,922. While the broader Nifty 50 index slipped below the psychological level of 9,100, to trade at 9,067. HDFC twins, Reliance Industries, ICICI Bank, Kotak Mahindra Bank contributed the most to the indices’ losses in the morning trade.

Maruti Suzuki top Sensex loser: As many as 26 scrips out of 30 Sensex stocks were trading in the negative territory with Maruti Suzuki as the top Sensex loser, even as automaker commenced production. The stock was down 4.26 per cent to Rs 4,722 apiece. It was followed by HDFC Bank, Tatat Steel, HDFC, Asian Paints and ICICI Bank.

Corporate earnings today: Havells, IndiaMart, Syngene, Bandhan Bank and Nestle India are among 11 companies which are scheduled to announce their March quarter earnings on Tuesday.

HCL Tech gains half a per cent: In the 30-share pack, NTPC was the top gainer with a growth of 0.58 per cent followed by HCL Tech (up 0.30 per cent), Titan (up 0.13 per cent) and TCS (up 0.05).

Nifty Bank drops 3%: All the 11 sectoral indices were trading in the negative territory. Nifty Bank index was down over 3 per cent or 600 points dragged by RBL Bank, HDFC Bank and Bandhan Bank. While Nifty Pharma index also slipped into red with Piramal Enterprises, Biocon and Dr Reddy’s Laboratories as top losers.

Coronavirus cases spike in India: Total coronavirus cases in India has surpassed the 70,000-mark while the death toll is approaching 2300-mark in the country, according to the government data. As COVID-19 cases are increasing in India, Prime Minister Narendra Modi has hinted that nationwide lockdown may be extended beyond May 17.

Global markets: Asian shares slumped on Tuesday on growing worries about the second wave of coronavirus infections. MSCI’s broadest index of Asia Pacific shares outside of Japan stumbled more than 1%, Hong Kong’s Hang Seng index was down 1.4%. On Wall Street, the Dow Jones Industrial Average fell 0.45%, the S&P 500 gained 0.01% and the Nasdaq Composite added 0.78%.

FII and DII data: Foreign institutional investors (FIIs) bought shares worth Rs 534.87 crore, while domestic institutional investors (DIIs) sold shares worth Rs 821.6 crore on Tuesday, according to the data available on the NSE.

Get live Stock Prices from BSE, NSE, US Market and latest NAV, portfolio of Mutual Funds, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.

Next Stories
1Sebi fines NSE Rs 6-cr for acquiring stakes in CAMS, PXIL, 4 others without approval
2Dhanlaxmi Bank gets shareholders’ nod to hike authorised share capital to Rs 400 cr
3Sensex, Nifty off to a flying start in October; here’s what moved stock markets today