Sensex Drops Over 350 Points From Day's High Amid Choppy Trade

Asian shares were on the defensive on Monday as investors grappled with sky-high valuations against the backdrop of a global economy in the grip of a coronavirus-induced recession.

Sensex Drops Over 350 Points From Day's High Amid Choppy Trade

Stock Market Today: A selloff across sectors pulled the markets lower

Share Market News Updates: Domestic stock markets started Monday's session on a choppy note amid sluggish trade in Asian equities, as investors avoided making big bets on growing concerns about a delayed recovery from the coronavirus pandemic. The S&P BSE Sensex index tumbled as much as 393.84 points from 38,454.58 - the highest level recorded in early deals - to hit 38,060.74 on the downside.The broader NSE Nifty 50 benchmark dropped to as low as 11,264.80, having strengthened to as high as 11,373.30 earlier compared to its previous close of 11,333.85.

Here are 10 things to know about the markets today:

  1. A selloff across sectors, led by banking and financial services shares, pulled the markets lower. At 11:54 am, the Sensex traded at 38,308.53, down 48.65 points - or 0.13 per cent - from its previous close, while the Nifty was down 1.75 point - or 0.02 per cent - at 11,332.10. (Also Read: Markets Could Be Heading Into Consolidation, Say Analysts)

  2. Mahindra & Mahindra, GAIL, UPL, NTPC and Cipla, trading between 1.99 per cent and 3.63 per cent lower, were the worst hit among the 28 shares in the 50-scrip Nifty basket.

  3. On the other hand, Bharti Airtel, HUL, HDFC Life, TCS and Axis Bank, trading between 1.25 per cent and 3.70 per cent higher, were the top gainers.

  4. HDFC Bank, Reliance Industries and Mahindra & Mahindra were the biggest drags on Sensex, together accounting for a more than 90-point loss in the index.

  5. Market breadth turned negative in late  morning deals, as 1,075 stocks on the BSE traded higher, against 1,355 that moved in the opposite direction. On the NSE, 751 shares advanced while 1,032 declined.

  6. Vodafone Idea shares rose as much as 10 per cent, after the company scheduled a media announcement at noon. On Friday, it had said it would raise up to Rs 25,000 crore in fresh funds as it tries to pay off hefty dues it owes to the government.

  7. Bengaluru-based Happiest Minds' initial public offer (IPO) opened for subscription on Monday, marking the first public issue by an IT company in four years. 

  8. Share markets elsewhere in Asia shares were on the defensive as investors grappled with sky-high valuations against the backdrop of a global economy struggling against a coronavirus-induced recession.

  9. MSCI's broadest index of Asia-Pacific shares outside Japan was last seen trading 0.11 per cent lower, after two days of losses toppled it from a two-and-a-half-year peak last week. Japan's Nikkei 225 benchmark was down 0.31 per cent.

  10. The E-Mini S&P 500 futures traded 0.32 per cent lower, indicating a negative start for Wall Street on Tuesday, as the US markets will remain shut on Monday for a public holiday.


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