Sensex nosedives 535.86 pts
Economy

Sensex nosedives 535.86 pts

Agency News

Mumbai, Apr 24: The BSE Sensex on Friday dropped 535.86 points to settle at 31,327.22, snapping a positive trend of last two sessions on selling in materials, IT, bankex, finance and realty stocks amid negative global cues. The Nifty of National Stock Exchange too declined by 159.50 pts to 9,154.40.

The Nifty registered day's high and low at 9,296.90 and 9,141.30 points respectively The decision of Franklin Templeton Mutual Fund (MF) to wind up six of its debt schemes also impacted the market today. The Association of Mutual Funds of India (AMFI) assured investors that majority of Fixed Income Mutual Funds AUM is invested in superior credit quality securities and schemes have appropriate liquidity to ensure normal operations so, investors should remain invested in Mutual Funds to create wealth over the long term. Spurting by 1225 points in couple of sessions, the Sensex opened in red, down by 424 pts to 31,426.62 and remained negative throughout the session.

As it dropped nearly 585 pts to 31,278.27, days low before closing at 31,327.22, tumbling down by 535.86 pts from its last close. The market was dragged because of heavy selling in materials, IT, bankex, finance and realty stocks. Among individual stocks, Bajaj Finance (down 9 per cent) and IndusInd Bank (down over 6.5 per cent) were the top Sensex laggards. HDFC slipped 5 per cent and HDFC Bank ended nearly 2 per cent lower. On the other hand, Reliance Industries (up over 3 per cent) was the lead gainer.

The mid-cap was down by 1.77 pc and small-cap also fell by 1.40 pc. In a pack of 30 scrips, 22 declined while 8 advanced. Asian shares and US stock futures fell on Friday, spurred by doubts about progress in the development of drugs to treat COVID-19 and new evidence of US economic damage caused by the coronavirus pandemic. MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.4 per cent. US stock futures, the S&P 500 e-minis, were down 0.56 per cent. Shares in China fell 0.79 per cent. (UNI)

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