Sensex, Nifty End Lower For Second Straight Day

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, Nifty End Lower For Second Straight Day

Domestic share markets tracked a deepening selloff in global stock markets on Wednesday, extending losses to a second straight day. The S&P BSE Sensex index slumped as much as 1.12 per cent - or 430.09 points - to 37,935.26 during the session, and the broader NSE Nifty 50 benchmark dropped to as low as 11,185.15, down 132.2 points - or 1.17 per cent - from its previous close. Selling pressure in banking and financial services shares dragged the markets lower, however buying interest in metal and pharmaceutical stocks arrested the fall. 

The Sensex ended 0.45 per cent - or 171.43 points - lower at 38,193.92, and the Nifty settled at 11,278.00, down 39.35 points - or 0.35 per cent - compared to its previous close. 

Reliance Industries moved as much as 1.5 per cent higher, after the conglomerate said private equity firm Silver Lake would invest Rs 7,500 crore in its retail arm.

A deepening selloff in global stock markets along with rising COVID-19 cases hurt market sentiment, say analysts. 

Equities elsewhere in Asia tumbled following a technology shares-led drop in the US overnight. MSCI's broadest index of Asia-Pacific shares outside Japan was last seen trading 0.77 per cent lower.