Sensex plunges 416 points to below 42,000-mark, Nifty down 128 points; Kotak Bank tanks 5%, RIL among top losers

Kotak Mahindra Bank was the biggest laggard in the Sensex pack, dropping 4.70 percent after the lender reported a rise in non-performing assets in Q3.

Press Trust of India January 20, 2020 16:48:41 IST
Sensex plunges 416 points to below 42,000-mark, Nifty down 128 points; Kotak Bank tanks 5%, RIL among top losers
  • After hitting a record intra-day high of 42,273.87, the 30-share BSE Sensex gave up all gains to settle 416.46 points, lower at 41,528.91

  • PowerGrid was the top gainer, rising 3.75%, followed by Bharti Airtel, ITC, Asian Paints, ICICI Bank and L&T

  • According to traders, besides stock-specific action, domestic investors were also seen booking profits at record peaks

Mumbai: Retreating from its record peak, market benchmark Sensex closed 416 points lower on Monday, tracking an intense sell-off in index heavyweights Reliance Industries, Kotak Bank, HDFC Bank and TCS following their quarterly results.

After hitting a record intra-day high of 42,273.87, the 30-share BSE Sensex gave up all gains to settle 416.46 points, or 0.99 percent, lower at 41,528.91.

Likewise, the broader NSE Nifty sank 127.80 points, or 1.03 percent, to 12,224.55. It hit a record intra-day high of 12,430.50 in early session.

Sensex plunges 416 points to below 42000mark Nifty down 128 points Kotak Bank tanks 5 RIL among top losers

Representational image. Reuters

Kotak Mahindra Bank was the biggest laggard in the Sensex pack, dropping 4.70 percent after the lender reported a rise in non-performing assets in Q3.

Reliance Industries (RIL), HDFC Bank and TCS fell up to 3.08 percent after the companies reported their quarterly earnings over the weekend.

On the other hand, PowerGrid was the top gainer, rising 3.75 percent, followed by Bharti Airtel, ITC, Asian Paints, ICICI Bank and L&T.

According to traders, besides stock-specific action, domestic investors were also seen booking profits at record peaks.

Bourses in Shanghai, Tokyo and Seoul ended higher, while Hong Kong closed in the red.

European markets were trading on a negative note in their early sessions.

Brent crude oil futures rose 0.66 percent to $65.28 per barrel on supply concerns after exports from Libya were blocked after a pipeline was shut down by armed forces and a strike at a key oil field in Iraq hit output.

The rupee depreciated 5 paise to 71.13 per US dollar (intra-day).

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