Sensex cracks by 394 points as banking and financials drag
Aug 20, 2020
Mumbai (Maharashtra) [India], Aug 20 : Equity benchmark indices ended with deep cuts on Thursday following weak global cues after the Federal Reserve warned that the US economic recovery faces a highly uncertain path.
The BSE S&P Sensex closed 394 points or 1.02 per cent lower at 38,220 while the Nifty 50 slipped by 96 points or 0.84 per cent at 11,312.
Most sectoral indices at the National Stock Exchange were in the red with Nifty private bank and financial service dipping by 1.3 per cent each.
Among stocks, Axis Bank lost by 2.1 per cent to Rs 434.60 per share while ICICI Bank retreated by 2 per cent and IndusInd Bank by 1.6 per cent.
Index heavyweight Reliance Industries tumbled by 1.5 per cent to Rs 2,098.60 per share. Tata Motors lost by 2.6 per cent, home loan lender HDFC by 2.2 per cent, Bharti Airtel by 1.8 per cent and Titan by 1.7 per cent.
However, energy stocks gained with power utility major NTPC jumping by 6.8 per cent to close at Rs 101.15 per share. Power Grid Corporation, ONGC, Coal India, Bharat Petroleum Corporation and IndianOil Corporation traded with gains ranging from 1.1 to 3.3 per cent.
Meanwhile, Asian equities fell due to the US Federal Reserve's cautious view of the economy, tensions with China and new clusters of coronavirus infections.
Japanese stocks dropped by 1 per cent while South Korean stocks tumbled by 3.66 per cent amid a spike in coronavirus cases in Seoul.
