Economy

Sensex dips 200 points, slips below 31k; Nifty tests 9,100 level

Sensex dips 200 points, slips below 31k; Nifty tests 9,100 level”

The possibility of getting rid of Corona outbreak appears bleak in the near future, due to the weakness in the global market, the Indian market fell again on Thursday, the Sensex broke almost 600 points in early trade and the Nifty also fell to below 9200.

In the broader market, the S&P BSE MidCap index closed at 11,536.11, down 45.61 points (0.39 per cent), while the S&P BSE SmallCap ended at 10,706.48, down 67.95 points (0.63 per cent).

Mumbai: Dalal Street's disappointment with the government's stimulus package and a sharply lower close in the USA market led to strong selling on Thursday in domestic bourses.

Among stocks, IT major Tech Mahindra and Infosys retreated by 5.3 per cent each while index heavyweight Reliance Industries lost by 4 per cent to close at Rs 1,436.60 per share.

On the other hand, ONGC, Tata Steel, Bharti Airtel, Titan and HDFC were trading with gains. The fuel and power basket saw a deflation of 10.12 per cent in April, against 1.76 per cent deflation in the previous month.

"Capital goods and media stocks were up while IT, metals, financials, and telecom shares were down".

"People were carried away by the hype created by the PM", said Deepak Jasani, head of retail research at HDFC Securities in Mumbai.

The measures were part of a Rs 20 lakh-crore fiscal and monetary package announced by Prime Minister Narendra Modi on Tuesday to support the economy, which has been battered by a weeks-long lockdown to curb the coronavirus.

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After touching a low of 30,909.36, the 30-share index was trading 127.19 points or 0.41 percent lower at 30,995.70.

Meanwhile, bourses in Shanghai, Hong Kong, Tokyo and Seoul were trading with losses after the World Health Organization warned that the virus "may never go away".

On the other hand, in the United States on Wednesday, its central bank's chief Jerome Powell had said that the Covid-19 pandemic may leave a lasting impact on the global economy.

On Wall Street, stock exchanges settled on a positive note in overnight trade.

Worldwide oil benchmark Brent crude futures surged 3.85 per cent to United States dollars 30.32 per barrel.

The rupee meanwhile slipped 10 paise to close at 75.56 (provisional) against the U.S. dollar.

India's count of confirmed coronavirus cases has risen to 78,003. The number of global cases has crossed 43.47 lakh while the death toll is nearing 3 lakh. Our reporters and editors are working overtime in Kashmir and beyond to cover what you care about, break big stories, and expose injustices that can change lives.



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