Sensex drops over 400 pts; Axis Bank, RIL top losers

Equity benchmark Sensex dropped over 400 points in opening tre on Wednesday tracking losses in index heavyweights HDFC Bank, Reliance Industries and ICICI Bank amid weak cues from global markets.

After hitting a low of 29,602.94, 30-share BSE barometer pared most losses to tre 14.98 points or 0.05 per cent lower at 30,052.23.

Similarly, NSE Nifty was quoting 9.50 points, or 0.11 per cent, down at 8,782.70.

Axis Bank was top loser in Sensex pack, falling up to 3 per cent, followed by Reliance Industries, TCS, ITC and IndusInd Bank.

On or hand, Sun Pharma, HUL, M&M and HDFC rallied up to 5 per cent.

In previous session, BSE barometer surged 2,476.26 points or 8.97 per cent to settle day at 30,067.21; while NSE barometer Nifty zoomed 708.40 points or 8.76 per cent to close at 8,792.20 -- best session ever for both indices in absolute terms and biggest since May 2009 percent-wise.

Foreign institutional investors (FIIs) turned net buyers in capital market, as y bought equity shares worth Rs 741.77 crore on Tuesday, according to provisional exchange data.

Indian markets, in sync with global benchmarks, turned negative as worries over ecomic impact of pandemic continued to weigh on investor sentiment.

According to Vid Nair, He of Research at Geojit Financial Services, investors are awaiting an ease in lockdown procedures, so companies can get down to generating business. In a holiday shortened week, any news regarding peaking infections will be bought into.

Bourses in Shanghai, Hong Kong, and Seoul were in red, while those in Tokyo were tring on a positive te.

Benchmark exchanges on Wall Street ended lower in overnight tre.

Brent crude futures, global oil benchmark, rose 2.26 per cent to USD 32.59 per barrel.

number of confirmed COVID-19 cases in India has crossed 5,000.

Global tally of infections has crossed 14 lakh, with over 82,000 deaths.