Sensex slips 310 points; Nifty settles below 9,000 mark

MUMBAI: Key equity benchmarks tumbled on Wednesday, tracking weak global stock markets. The barometer index, the S&P BSE Sensex, fell 310.21 points or 1.01% at 30,379.81. The index surged as much as 878.34 points in morning trade.

The Nifty 50 index lost 68.55 points or 0.76% at 8,925.30. The index jumped 267.35 points at the day’s high of 9,261.20 in morning trade.

The trading sentiment was weak globally due to the ongoing coronavirus pandemic. While the global COVID-19 cases have surpassed 1.98 million, the Indian cases currently stood at 11,555 with nearly 400 deaths, according to the data from Johns Hopkins University.

Prime Minister Narendra Modi on 14 April 2020, extended a nationwide lockdown until 3 May to contain the spread of the coronavirus. Under the lockdown, only essential businesses - such as groceries and pharmacies - are allowed to remain open. City transport services are limited to emergency staff and those with special travel passes. All trains and flights have been suspended.

However, the Union Home Ministry on Wednesday said select public activities would be allowed across States from 20 April. The ministry said in case a new area is added to the list of containment zones in the country, the relaxed guidelines would be suspended in that area until it turns covid-19 free.

In the broader market, the BSE Mid-Cap index rose 1.32% and the BSE Small-Cap index gained 1.17%. Both these indices outperformed the Sensex.

The market breadth was strong. On the BSE, 1436 shares rose and 957 shares fell. A total of 177 shares were unchanged.

The yield on 10-year benchmark federal paper fell to 6.425% as compared with 6.495% at close in the previous trading session.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 76.44, compared with its close of 76.27 during the previous trading session.

In the commodities market, Brent crude for June 2020 settlement fell $1.22 at $28.38 a barrel. The contract fell $2.14, or 6.74% to settle at $29.60 a barrel in the previous trading session. (Agencies)

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