Sensex Closes 695 Points Lower As Markets Recede From Record Highs
Domestic share markets gave up initial gains after touching record highs on Wednesday, as investors booked profits on pandemic bets such as drugs and IT services after stock benchmarks hit record highs. The S&P BSE Sensex index slumped 1,067.4 points from an all-time high of 44,825.37 to hit 43,757.97 at the weakest level recorded during the session. The broader NSE Nifty 50 benchmark slid to as low as 12,833.65, having earlier scaled a record peak of 13,145.85. Both indices suffered their worst single-day fall in more than a month. While investors in recent weeks have shifted money away from early pandemic winners such as pharmaceuticals and IT into metals, automotive and private-sector banks, state-run lenders have been laggards.
Meanwhile, global shares reached record highs after the Dow Jones broke 30,000, with investors relieved at the prospect of a smooth handover of power after the US presidential election and confident a COVID-19 vaccine would soon be ready.