Equity indices dip 1.6 pc as COVID-19 cases continue to mount
Jun 15, 2020
Mumbai (Maharashtra) [India], June 15 : Equity benchmark indices dived on Monday tracking weak Asian markets as fear of the second wave of COVID-19 related cases in China pushed investors to safe-havens.
In India, the death toll crossed the 9,500-mark, making it the fourth-worst affected country in the world. That sparked worries among investors that a growing number of cases will delay the economic recovery.
The BSE S&P Sensex closed 552 points or 1.63 per cent lower at 33,229 while the Nifty 50 edged lower by 159 points or 1.6 per cent at 9,814.
Most sectoral indices at the National Stock Exchange were in the red with Nifty private bank down by 3.8 per cent, realty by 3 per cent, financial service by 2.9 per cent and FMCG by 1.5 per cent.
Private banks suffered heavy losses with IndusInd Bank down by 7.2 per cent at Rs 490.40 per share while Axis Bank slipped by 4.5 per cent and ICICI Bank by 3.8 per cent.
Bajaj Finance and Bajaj Finserv fell by 3.9 per cent and 3.3 per cent respectively. The other prominent losers included Tata Motors, Tata Steel, ITC, NTPC and Bharat Petroleum Corporation.
However, Reliance Industries gained by 1.48 per cent to Rs 1,612.30 per share as its partly paid shares which were issued in the recent rights offer, got listed on stock exchanges.
The other which gained marginally were GAIL, Wipro, HCL Technologies, Sun Pharma, Hindalco and Britannia.
Meanwhile, Asian markets were in the red and oil prices tumbled as caution prevailed globally with the second wave of COVID-19 being expected as China closes down select wholesale markets.
Some US regions also reported a sudden increase in hospitalisation of COVID-19 infected people. Japan's Nikkei faltered by 3.47 per cent, Hong Kong's Hang Seng fell by 2.16 per cent and South Korea's eased by 4.76 per cent.
