Sensex drops over 200 points in early trade; Nifty tests 9,850

June 17, 2020 10:33

Equity benchmark Sensex dropped over 200 points in early trade on Wednesday dragged by weakness in index-heavyweights HDFC Bank, Reliance Industries and ICICI Bank amid weak cues from Asian peers and persistent foreign fund outflows.

After touching a low of 33,332.96, the 30-share index was trading 225.22 points, or 0.67 per cent, lower at 33,380. Similarly, NSE Nifty fell 56.40 points, or 0.57 per cent, to 9,857.60.

According to traders, border tension with China, weakness in global markets, spike in COVID-19 cases and unabated foreign fund outflows weighed on investor sentiments. PowerGrid was the top laggard in the pack, shedding around 2 per cent, followed by NTPC, SBI, UltraTech Cement, M&M, HDFC Bank and Kotak Bank. On the other hand, Maruti, Tech Mahindra, Axis Bank and Infosys were among the gainers. In the previous session, the BSE barometer settled 376.42 points, or 1.13 per cent, higher at 33,605.22, while the broader Nifty closed 100.30 points, or 1.02 per cent, up at 9,914.

On a net basis, foreign institutional investors sold equities worth Rs 1,478.52 crore in the capital market on Tuesday, provisional exchange data showed. Bourses in Shanghai, Hong Kong, Tokyo and Seoul were trading with losses in early deals. -- PTI

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