Equity indices reverse early gains, Bharti Airtel drops 8 pc
Sep 23, 2020
Mumbai (Maharashtra) [India], September 23 : Equity benchmark indices wiped out early gains and closed in the negative terrain on Wednesday after a volatile trading session.
At the closing bell, the BSE S&P Sensex was down by 66 points or 0.17 per cent at 37,668 while the Nifty 50 lost by 22 points or 0.2 per cent at 11,132.
Most sectoral indices at the National Stock Exchange were in the negative zone with Nifty pharma losing by 1.6 per cent, PSU bank by 1.5 per cent and metal by 0.4 per cent.
Among stocks, Bharti Infratel shed 8.2 per cent to close at Rs 165.50 per share while Bharti Airtel lost by 8.1 per cent and wound up the day at Rs 432.50.
The other prominent losers were Tata Steel, IndusInd Bank, NTPC, Tata Consultancy Services, ONGC and Adani Ports.
However, index heavyweight Reliance Industries closed 0.76 per cent higher at Rs 2,228 per share after announcing that global investment firm KKR & Co Inc will invest Rs 5,550 crore for 1.28 per cent stake in its subsidiary Reliance Retail Ventures.
The others which gained were Axis Bank, HDFC Bank, Hindustan Lever, Nestle India, and Britannia.
Meanwhile, Asia's stock markets struggled after Wall Street's rebound overnight as persistent worries about the global economic recovery kept investors cautious.
Japan's Nikkei dropped by 0.06 per cent while Hong Kong's Hang Seng moved up by 0.11 per cent and South Korea's Kospi gained by 0.03 per cent.
Wall Street's Tuesday rebound was led by a 1.7 per cent gain in the Nasdaq as a broker upgrade lifted Amazon.com by nearly 6 per cent.
