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Sensex and Nifty tumble: Maruti, L&T, IndusInd Bank, Axis Bank, ONGC, Reliance, HDFC among other shed gains

05:20 PM Sep 22, 2020 | FPJ Web Desk

Equity benchmark Sensex tanked 300 points on Tuesday, tracking losses in index-heavyweights Reliance Industries, HDFC twins and Maruti amid weak cues from Asian peers.

The 30-share BSE index settled 300.06 points or 0.79 per cent down at 37,734.08. The broader NSE Nifty fell 96.90 points or 0.86 per cent to 11,153.65.

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Maruti was the top loser in the Sensex pack, shedding around 3 per cent, followed by L&T, IndusInd Bank, Axis Bank, ONGC, Reliance Industries, Asian Paints and HDFC.

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On the other hand, HCL Tech, TCS, Sun Pharma and Tech Mahindra were among the gainers.

Indian market was subdued following continued selling in other major markets across the globe due to fresh worries over another round of restrictions due to increase in COVID-19 cases, which could harm the already sluggish economic recovery, said Narendra Solanki, Head- Equity Research (Fundamental), Anand Rathi.

During the afternoon session market briefly tried to recover, but failed to sustain as fresh selling across the broader markets returned, he added.

Bourses in Shanghai, Hong Kong and Seoul ended with losses, while stock exchanges in Europe opened on a positive note. Meanwhile, global oil benchmark Brent crude was trading 1.30 per cent higher at USD 41.98 per barrel. In the forex market, the rupee depreciated 20 paise to close at 73.58 against the US dollar.

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