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Markets in red: ICICI Bank, HDFC Bank, PowerGrid, Bajaj Auto, Kotak Bank, Axis Bank, L&T among other are sluggish

10:11 AM Sep 17, 2020 | Agencies

Domestic equity benchmark Sensex dropped over 200 points in early trade on Thursday led by losses in financial stocks after the US Federal Reserve highlighted the uncertainty surrounding economic recovery.

The 30-share BSE index was trading 216.76 points or 0.55 per cent lower at 39,086.09; while the NSE Nifty fell 44 points or 0.38 per cent to 11,560.55.

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ICICI Bank was the top laggard in the Sensex pack, shedding over 1 per cent, followed by HDFC Bank, PowerGrid, Bajaj Auto, Kotak Bank, Axis Bank and L&T.

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On the other hand, HCL Tech, Tech Mahindra, Asian Paints, ONGC and Infosys were among the gainers.

In the previous session, Sensex jumped 258.50 points or 0.66 per cent to close at 39,302.85, while Nifty rose 82.75 points or 0.72 per cent to finish at 11,604.55.

Meanwhile, exchange data showed that foreign institutional investors bought equities worth Rs 264.66 crore on a net basis on Wednesday.

According to traders, domestic equities opened on a negative note tracking weak cues from global markets after the US Federal Reserve hinted at the key policy interest rate staying close to zero at least through 2023 without unveiling any additional stimulus plans.

Bourses in Shanghai, Hong Kong, Seoul and Tokyo were trading with significant losses in mid-day deals.

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

Meanwhile, global oil benchmark Brent crude was trading 0.90 per cent lower at USD 41.84 per barrel.

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