Sensex tumbles over 300 points in early trade
Mumbai: Equity benchmark Sensex dropped over 300 points in early trade on Wednesday, tracking losses in index majors Reliance Industries, ICICI Bank and Infosys amid a negative trend in global markets.
The 30-share BSE index was trading 325.15 points or 0.65 per cent lower at 49,726.29, and the broader NSE Nifty declined 94.60 points or 0.64 per cent to 14,720.15.
Mumbai: Equity benchmark Sensex dropped over 300 points in early trade on Wednesday, tracking losses in index majors Reliance Industries, ICICI Bank and Infosys amid a negative trend in global markets.
The 30-share BSE index was trading 325.15 points or 0.65 per cent lower at 49,726.29, and the broader NSE Nifty declined 94.60 points or 0.64 per cent to 14,720.15.
Mumbai: Equity benchmark Sensex dropped over 300 points in early trade on Wednesday, tracking losses in index majors Reliance Industries, ICICI Bank and Infosys amid a negative trend in global markets.
The 30-share BSE index was trading 325.15 points or 0.65 per cent lower at 49,726.29, and the broader NSE Nifty declined 94.60 points or 0.64 per cent to 14,720.15.
The sudden surge in COVID-19 cases globally is a cause for concern. Markets had discounted sharp recovery in global GDP growth in 2021. But now, with parts of Germany, France and Italy going through the third wave and regional lockdowns, global GDP growth is likely to be below estimates,” said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
The recent crash in crude is a reflection of reduced demand emanating from declining economic activity, he said, adding that in India, the second wave in some prominent cities is adding to the concern.
Elsewhere in Asia, bourses in Shanghai, Hong Kong, Tokyo and Seoul were trading on a negative note in mid-session deals.
Meanwhile, the global oil benchmark Brent crude was trading 0.07 per cent higher at USD 60.83 per barrel.
