Sensex Falls Over 250 Points, Nifty Slips Below 11,250 Tracking Global Markets
Domestic stock markets started Wednesday's session on a lower note tracking weakness across global equities on growing uncertainty whether the US lawmakers would agree on additional fiscal stimulus to support the world's largest economy. The S&P BSE Sensex index fell as much as 0.73 per cent - or 281.2 points - to 38,125.81 in the first few minutes of trade, having started the session down 0.22 per cent (85.88 points) at 38,321.13. The broader NSE Nifty 50 benchmark slid to as low as 11,242.65, down 0.71 per cent or 79.85 points from its previous close.
At 9:27 am, the Sensex traded 220.50 points - or 0.57 per cent - lower at 38,186.51 while the Nifty was down 64.60 points - or 0.57 per cent - at 11,257.90.
Hindalco, Bajaj Finance, Cipla, UPL, JSW Steel and Bajaj Finserv, trading between 1.57 per cent and 2.60 per cent lower, were the worst hit among the 40 stocks that declined in the 50-scrip Nifty basket. On the other hand, Adani Ports, SBI, Hero MotoCorp and Maruti Suzuki, up between 0.94 per cent and 2.07 per cent each, were the top Nifty gainers.
Reliance Industries, HDFC Bank and Larsen & Toubro were the biggest drags on Sensex, together accounting for a loss of nearly 100 points in the index.
Share markets elsewhere in Asia moved lower tracking overnight losses in US equities. MSCI's broadest index of Asia Pacific shares outside Japan was last seen trading 0.80 per cent lower, while Japan's Nikkei 225 benchmark was up 0.37 per cent.
While China's Shanghai Composite index was down 1.99 per cent, Hong Kong's Hang Seng and South Korea's KOSPI barometers were down 0.16 per cent and 0.10 per cent respectively.
Hopes of vaccine development, however, prompted some investors to reduce safe-haven assets such as gold and government bonds, and to buy back battered stocks of companies hit hardest by COVID-19.
The mixed sentiment has led to choppy trade in Asia with the index of ex-Japan Asia-Pacific shares shedding 0.76 per cent while Japan's Nikkei gained 0.20 per cent.
The S-Mini S&P 500 futures were up 0.12 per cent, indicating a positive start for Wall Street on Wednesday, a day after the benchmark S&P 500 index snapped a seven-day winning streak.
