Markets open on negative note: Sensex falls over 300 points, Nifty slips; HUL, Kotak Bank, ONGC among top losers

HUL was the top loser in the Sensex pack, dropping over 3 percent, followed by Kotak Bank, ONGC, Bharti Airtel, PowerGrid, Titan and Nestle.

FP Staff May 07, 2020 10:28:44 IST
Markets open on negative note: Sensex falls over 300 points, Nifty slips; HUL, Kotak Bank, ONGC among top losers

The Sensex fell over 300 points in early trade on Thursday as spiking COVID-19 cases in the country and poor macroeconomic data weighed on investor sentiment. After touching a low of 31,362.96, the 30-share index was trading 158.23 points or 0.50 percent lower at 31,527.52.

Similarly, NSE Nifty slipped 33 points, or 0.36 percent, to 9,237.90.

HUL was the top loser in the Sensex pack, dropping over 3 percent, followed by Kotak Bank, ONGC, Bharti Airtel, PowerGrid, Titan and Nestle.

On the other hand, HCL Tech jumped over 3 percent, after the company posted 22.8 percent rise in consolidated net profit at Rs 3,154 crore for the March quarter driven by strong growth across verticals.

Sun Pharma, Axis Bank and Bajaj Finance were also among the gainers.

In the previous session, the BSE barometer closed 232.24 points or 0.74 percent higher at 31,685.75, the broader Nifty rose 65.30 points, or 0.71 percent, to finish at 9,270.90.

Markets open on negative note Sensex falls over 300 points Nifty slips HUL Kotak Bank ONGC among top losers

Representational image. Reuters.

International oil benchmark Brent crude futures were trading 0.25 percent higher at $29.79 per barrel. Oil prices rose on Thursday after US inventories swelled less than expected, but market watchers predicted further gains could be capped by the ongoing glut in crude supplies as the coronavirus pandemic crushes fuel demand.

Foreign portfolio investors were net sellers in the capital market on Wednesday, as they offloaded equity shares worth Rs 493.68 crore, according to provisional exchange data, according to a PTI report.

According to analysts, massive surge in COVID-19 cases in recent days, disappointing corporate earnings and weak macroeconomic data have had an adverse impact on investor sentiment.

In India, the death toll due to COVID-19 rose to 1,783 and the number of cases climbed to 52,952, according to the health ministry.

Globally, the number of cases linked to the disease has crossed 37.55 lakh and the death toll has topped 2.63 lakh.

Meanwhile, bourses in Shanghai, Tokyo and Seoul were trading on a positive note, while those in Hong Kong were in the red.

Stock exchanges on Wall Street ended on a mixed note in overnight session.

Currency markets closed

The currency market is shut today on account of 'Buddha Purnima'.

The rupee depreciated 9 paise to close at 75.72 against the US dollar on Wednesday, following a strong American currency overseas and fears of a renewed trade war between the US and China.

Forex traders said the weakness in the rupee was largely due to the strengthening of the US dollar and sustained foreign fund outflows.

Moreover, rising coronavirus cases in the country also weighed on the local unit.

The rupee opened weak at 75.77 at the interbank forex market and then pared some losses to finally settle at 75.72, down 9 paise over its last close.

It had settled at 75.63 against the US dollar on Tuesday.

"The risk tone has been tepid and will remain like that on renewed US-China spat. The trade war can reignite going ahead and prop up the safe-haven dollar demand.

 

--With inputs from agencies

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