Share Market Updates: Sensex Falls Over 500 Points As Financial, Auto Shares Weigh On Markets

Share Market Updates: Bharti Airtel, Hero MotoCorp, HUL, Eicher Motors, Bajaj Finance and Maruti Suzuki were the top Nifty losers.

Share Market Updates: Sensex Falls Over 500 Points As Financial, Auto Shares Weigh On Markets

Share Market News: Infosys, ICICI Bank and Maruti Suzuki India were the biggest drags on Sensex

Domestic stock markets registered sharp losses on Friday tracking weakness across Asian markets as investors assessed the prospect of a global recovery amid rising coronavirus cases in the US and Europe. The S&P BSE Sensex index plummeted 507.98 points to 39,241.87 at the weakest level recorded during the session, whereas the broader NSE Nifty 50 benchmark slid to as low as 11,535.45, down 135.35 points from its previous close. Losses in financial, auto and consumer goods shares pulled the markets lower, however gains in energy and metal stocks arrested the fall. 

At 2:56 pm, the Sensex traded at 39,610.48, 139.37 points - or 0.35  per cent - lower from its previous close, while the Nifty was down 29.45 points - or 0.25 per cent - at 11,641.35.  

Bharti Airtel, Hero MotoCorp, HUL, Eicher Motors, Bajaj Finance and Maruti Suzuki - trading between 1.92 per cent and 3.43 per cent lower - were the worst hit among 22 laggards in the Nifty basket of 50 shares. 

On the other hand, Adani Ports, Bharat Petroleum, Coal India, Sun Pharma and Tata Steel - up 2.28-5 per cent each - were the top gainers in the index. 

Infosys, ICICI Bank and Maruti Suzuki India were the biggest drags on Sensex.

Analysts awaited Reliance Industries' financial results later in the day. The conglomerate's shares climbed up as much as 1.40 per cent to Rs 2,055 apiece on the BSE during the session.

Newsbeep

Equities elsewhere in Asia extended losses to a a third straight session, as jitters over upcoming US presidential elections and fears that the global economic downturn will persist enveloped the markets.

MSCI's broadest index of Asia-Pacific shares outside of Japan was last down 0.30 per cent, on track to the end the week 1.30 per cent lower after four straight weeks of gains. The index is up 3.70 per cent so far this month.

Japan's Nikkei 225 benchmark slipped 0.80 per cent. The E-Mini S&P 500 futures stumbled 0.90 per cent in early Asian trading, indicating a negative start for Wall Street on Friday.

Record numbers of coronavirus cases worldwide and the November 3 US presidential election remained the major factors looming ahead for investors.

The falls in Asia occurred despite a solid session on Wall Street overnight, which was helped by a diet of strong quarterly reports from tech giants and data showing the US economy grew at a historic annualised pace of 33.1 per cent in the third quarter.