Indian markets registered sharp losses on Thursday for the sixth straight session as the coronavirus pandemic kept domestic investors jittery after a global selloff in stocks.
The S&P BSE Sensex closed down 1,114.82 points or 2.96% down at 36,553.60, while the NSE Nifty 50 index ended 326.30 points or 2.93% lower to close at 10,805.55. These are their lowest levels since July 16, according to NDTV.
Stocks of IndusInd Bank fell 7.1% and performed worst on the Sensex, followed by Bajaj Finance (6.63%) and Mahindra and Mahindra (6.37%). Only the stocks of Hindustan Lever gained, while all others performed poorly on the index.
Reliance, which has gained nearly 6% so far this month following two investments in its retail unit, fell 1.6% in the Nifty50 index on Thursday. Meanwhile, Tata Consultancy Services fell 5.45% after the Shapoorji Pallonji Group on Tuesday said it would exit the Tata Group. IndusInd Bank, Tata Motors, Bajaj Finance, Grasim were also among the stocks that lost the most on the NSE Nifty 50 Index. Top Nifty gainers were Bharti Infratel, Zee and Hindustan Unilever.
Analysts are worried about delayed economic recovery from the damage caused by the coronavirus crisis. A report in the Business Standard, quoting a senior government official, said the finance ministry is reassessing its earlier optimism about the economic recovery.
The rupee depreciated 32 paise to finish at 73.89 against the US dollar. Meanwhile, global oil benchmark Brent crude was trading 0.22% lower at $41.68 per barrel.