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Sensex, Nifty End Deep In Red Amid Global Selloff

Indian shares fell sharply on Monday, mirroring weak global cues as signs of growing inflationary pressures and concerns that a surge in coronavirus cases will have a dampening effect on the fragile global economic recovery spurred risk aversion.

Global growth worries mounted as daily coronavirus infections continued to surge from the United States and Europe to Asia, with the global seven-day average of new cases each day crossing over half a million for the first time since May.

The benchmark 30-share BSE Sensex plunged as much as 586.66 points, or 1.10 percent, to 52,553.40 while the broader NSE Nifty index ended down 171 points, or 1.07 percent, at 15,752.40.

Private sector lender HDFC Bank fell 3.3 percent after its bad-loan write-offs doubled to Rs 3,100 crore in the April-June quarter.

HDFC Life Insurance lost 2.7 percent as it reported a 33 percent year-on-year fall in June-quarter net profit.

HDFC, Axis Bank and IndusInd Bank gave up 2-3 percent.

Bharti Airtel fell over 1 percent and Vodafone Idea shares declined 4.2 percent as the Supreme Court reserved its order in the adjusted gross revenues (AGR) case.

ONGC dropped 1.8 percent, tracking a sharp fall in oil prices after oil producing nations agreed to raise production limits.

On the positive side, Divis Laboratories, BPCL and NTPC climbed 1-2 percent.

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