Equities close in the red, FMCG and financials drag
May 07, 2020
Mumbai (Maharashtra) [India], May 7 : Equity benchmark indices closed 0.7 per cent lower on Thursday as investors worried over the rising number of coronavirus cases despite a countrywide lockdown.
At the closing bell, the BSE S&P Sensex was down by 242 points or 0.76 per cent at 31,443 while the Nifty 50 edged lower by 72 points or 0.78 per cent at 9,199.
Except for Nifty PSU bank and media, all sectoral indices at the National Stock Exchange were in the negative terrain with Nifty FMCG slipping by 1.4 per cent and financial service by 1.5 per cent.
Among stocks, power utility major NTPC lost 4.3 per cent to close at Rs 90.60 per share. Bharat Petroleum Corporation was down by 4.2 per cent, ONGC by 4.1 per cent and GAIL by 3.6 per cent.
The other prominent losers were Kotak Mahindra Bank, Bharti Airtel, Titan, UPL and Bajaj Auto.
Hindustan Unilever closed 0.86 per cent lower after the company's 4.23 per cent equity changed hands in a block deal. Reports said Britain-based GlaxoSmithKline was to offload shares worth Rs 26,000 crore in the FMGC major.
However, index heavyweight Reliance Industries gained by 3.5 per cent to wind up the day at Rs 1,512 per share. IndusInd Bank and Axis Bank were up by 6.5 per cent and 2.4 per cent respectively while Adani Ports ticked up by 4.4 per cent.
Meanwhile, Asian shares shed early losses after China reported that its exports rose 3.5 per cent in April on a year earlier.
The surprise stoked speculation the Asian giant could recover from its coronavirus lockdown quicker than first thought and support global growth in the process.
Japan's Nikkei added 0.28 per cent but South Korea's Kospi lowered by 0.01 per cent and Hong Kong by 0.65 per cent.
The share price of South Korean chemicals and battery maker LG Chem Ltd dropped almost 2 per cent after a gas leak at a factory operated by a unit in India killed at least 11 people and led to hundreds more being treated in hospital.
