Bombay Stock Exchange
Bombay Stock Exchange
Business & Economy

Global cues dent equities, financials fall

IANS

Mumbai, July 27, 2020

Rising US-China tensions, along with a slide in stocks of financial companies, pulled the key domestic equity indices lower on Monday.

On account of global cues, investors were concerned about the rising US-China tensions and a suspected second wave of virus infections.

Similarly, the record number of new virus infections in India and a recent RBI report which expects a surge in bad loans this year unsettled investors.

In terms of sectors, top gainers included BSE IT, Metal and Oil and Gas indices, whereas the top losers were the BSE Bankex, Realty, Healthcare and CD indices.

Consequently, the NSE Nifty50 closed at 11,131.80, falling by 62.35 points or 0.56 per cent from its previous close.

The Sensex closed at 37,934.73, lower by 194.17 points or 0.51 per cent from the previous close of 38,128.90.

It had opened at 38,275.34 and touched an intra-day high of 38,275.34 and a low of 37,769.44 points.

"Technically, the Nifty seems to be consolidating in a range between the 11,056-11,240 levels for the last few sessions," said Deepak Jasani, Head of Retail Research at HDFC Securities.

"Further directional cues are likely to emerge on a move beyond this range."

Vinod Nair, Head of Research at Geojit Financial Services, said: "Indian benchmark indices ended a volatile day in the red, following negative global cues and domestic uncertainties."

"Global markets were impacted due to rising US-China tensions and suspected second wave of virus infections. Financials led the losses following an RBI report which expected a surge in bad loans this year. Record number of virus infections in India also added to the uncertainty."

IANS

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