This Article is From Jun 12, 2020

Sensex Recovers Over 1,100 Points from Day's Low, Nifty Reclaims 9,900

IT shares came under selling pressure after a report suggested that US President Donald Trump is considering suspending a number of employment visas including the H-1B.

Sensex Recovers Over 1,100 Points from Day's Low, Nifty Reclaims 9,900

Equity market benchmarks S&P BSE Sensex and NSE Nifty 50 staged a recovery in afternoon trade on Friday, led by strong buying interest in Reliance Industries, Bharti Airtel, Bajaj Finance and Asian Paints. The indices staged a gap-down opening after US markets tumbled more than 5 per cent, posting their worst day since mid-March, when markets were sent into a free-fall by the abrupt economic lockdowns put in place to contain the pandemic. The Sensex fell as much as 1,190 points and Nifty 50 index touched an intraday low of 9,544.35.

At 2:01 pm, the Sensex was down 127 points at 33,411 and Nifty traded 5 points higher at 9,906.

Fifteen of 19 sector gauges compiled by the BSE were trading lower led by Nifty IT index's 2 per cent fall. IT shares came under selling pressure after a report suggested that US President Donald Trump is considering suspending a number of employment visas including the H-1B, most sought-after among Indian IT professionals, in view of the massive unemployment in America due to the coronavirus pandemic, according to a media report.

Capital Goods, Banking and Industrials sector gauges also fell over a per cent each.

On the other hand, S&P BSE Telecom index was top gainer, up 1.65 per cent.

Mid- and small-cap shares were trading on a mixed note as S&P BSE MidCap index was flat while S&P BSE SmallCap index declined 0.6 per cent.

Zee Entertainment was top Nifty loser, the stock dropped 4.6 per cent to Rs 168. ONGC, Axis Bank, Tech Mahindra, Coal India, Kotak Mahindra Bank, Infosys, Power Grid, Wipro, Larsen & Toubro and Tata Motors were also among the losers.

On the flipside, Bharti Infratel, Reliance Industries, Bajaj Finance, Vedanta, Sun Pharma, BPCL and Bharti Airtel were among the gainers.

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