Stock market: Sensex down 627 points, Nifty drops to 14700 points

The BSE Sensex closed at 627 points on Wednesday amid weak global trends. HDFC Bank, HDFC, Reliance Industries and Infosys were the biggest losers in the Sensex. The 30-share BSE Sensex fell 627.43 points, or 1.25 per cent, to 49,509.15. The National Stock Exchange’s Nifty lost 154.40 points, or 1.04 per cent, to 14,690.70.

Sensex shares fell sharply with HDFC Bank and HDFC. It fell about 4 percent. Power Grid, Tech Mahindra, ICICI Bank, ONGC, Kotak Bank, Asian Paints, Infosys and Reliance Industries are also down. At the same time, ITC, Bajaj Finserv, HUL, State Bank of India and TCS were beneficiaries.

Reliance Securities’ head of strategic affairs Vinod Modi said the rise in Kovid-19 cases and restrictions in some areas have affected investor sentiment and led to a downturn in domestic stock markets. Besides the US Treasury yields and strengthening the dollar index, there is also concern.

There has been huge profit booking in the financial sector, especially in private banks. In addition, there was a selling pressure on IT companies’ shares. However, investors are constantly investing in shares of commodity companies, metals and cement companies. Other markets in Asia include Shanghai, Hong Kong, Seoul and Tokyo. After midday Indian time, there was a declining trend in the major markets of free Europe. Meanwhile, global oil quality Brent crude fell 0.58 per cent to $ 63.80 a barrel.

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