KC International School
FaceBook YouTube

Business News

Sensex drops over 300 pts in early trade; Nifty tests 9,400 level

Mumbai, May 29 : Equity benchmark Sensex tumbled over 300 points in early trade on Friday dragged by losses in HDFC Bank, Infosys, TCS and Reliance Industries amid weak cues from global markets.

After touching a low of 31,823.80 in opening session, the 30-share index was trading 312.34 points or 0.97 per cent down at 31,888.25.

Similarly, NSE Nifty fell 95.75 points or 1.01 per cent to 9,394.35.

Axis Bank was the top laggard in the Sensex pack, rising around 3 per cent, followed by IndusInd Bank, Bajaj Finance, Tata Steel, Infosys, HDFC twins and ICICI Bank.

On the other hand, Bajaj Auto, ITC, Sun Pharma, Asian Paints and L&T were among the gainers.

In the previous session, the BSE barometer rallied 595.37 points or 1.88 per cent to finish at 32,200.59, and the broader Nifty climbed 175.15 points or 1.88 per cent to 9,490.10.

On a net basis, foreign portfolio investors bought equities worth Rs 2,354.14 crore in the capital market on Thursday, provisional exchange data showed.

Domestic investor sentiment turned weak ahead of gross domestic product (GDP) numbers, scheduled for release later in the day, traders said.

Experts believe that the rate of growth for the last quarter may still be in the lower single digit, while the numbers for the current quarter may reflect the actual distress in the economy.

Further, investors continue to remain cautious as COVID-19 cases as India registered biggest single-day spike of 7,466 cases.

The number of coronavirus cases in India crossed 1.65 lakh and the death toll climbed to 4,706, as per health ministry data.

Globally, the number of cases linked to the disease has crossed 58.10 lakh and the deceased tally stood around 3.60 lakh.

Meanwhile, bourses in Hong Kong, Tokyo and Seoul were trading with gains, while those in Shanghai were flat.

Stock exchanges on Wall Street ended on a negative note in overnight trade.

International oil benchmark Brent crude futures were trading 1.08 per cent lower at USD 35.64 per barrel.

News on Business

03 Jul 2020Sensex surges over 200 pts in early trade; Nifty tops 10,600
29 May 2020Sensex drops over 300 pts in early trade; Nifty tests 9,400 level
19 Mar 2020Sensex plummets over 2,100 pts; Nifty drops below 7,900
19 Mar 2020Yes Bank: Anil Ambani appears before ED in Mumbai
19 Mar 2020Rupee falls below 75 level against US dollar amid coronavirus scare
18 Mar 2020Sensex starts over 500 pts higher, pares gains on profit-booking
18 Mar 2020National Broadband Mission investment estimated at Rs 7 lakh cr: Prasad
17 Mar 2020Yes Bank resolution framework underway, depositors can withdraw money from Mar 18: Das
16 Mar 2020Yes Bank: ED summons Anil Ambani
16 Mar 2020Indian retail reels under coronavirus concerns
14 Mar 2020Moratorium on Yes Bank to be lifted on March 18
14 Mar 2020Excise duty on petrol, diesel hiked by Rs 3/lt; no change in prices; govt to get Rs 39,000 cr
13 Mar 2020Sensex, Nifty plummet over 10 pc in manic selloff; trading halts for 45 mins
13 Mar 2020Rupee rout deepens, slips 16 paise to 74.44 against USD
13 Mar 2020Govt extends deadline to bid for Air India till Apr 30
13 Mar 2020ICICI Bank to invest Rs 1,000 cr in Yes Bank
12 Mar 2020Rupee recovers 56 paise, settles at 73.61 against US dollar
11 Mar 2020Sensex rebounds over 300 pts; RIL rallies 5 pc
10 Mar 2020Sensex nosedives over 1,500 pts on global equity rout
07 Mar 2020Redefine Luxury and Chic with Pullman New Delhi Aerocity
07 Mar 2020ED continues questioning Yes Bank founder Rana Kapoor
06 Mar 2020Yes Bank's digital partners hit by moratorium
06 Mar 2020RBI ready to intervene in whatever way required to respond to coronavirus challenges: Governor Das
06 Mar 2020Revolt Intellicorp Expands Footprint into Chennai

45-A, Small Plot, Gandhi Nagar,
Jammu (J&K) - 180 001
Phone: +91-94191-53762

E-mail: morningglory66@gmail.com