Market opening: Sensex drops over 400 points

Axis Bank was the top loser in the Sensex pack, falling up to 3 per cent, followed by Reliance Industries, TCS, ITC and IndusInd Bank. On the other hand, Sun Pharma, HUL, M&M and HDFC rallied up to 5 per cent.

Mumbai: Equity benchmark Sensex dropped over 400 points in opening trade 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, the 30-share BSE barometer pared most losses to trade 14.98 points or 0.05 per cent lower at 30,052.23.

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

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

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

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

Foreign institutional investors (FIIs) turned net buyers in the capital market, as they 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 the economic impact of the pandemic continued to weigh on investor sentiment.

According to Vinod Nair, Head 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 the red, while those in Tokyo were trading on a positive note.

Benchmark exchanges on Wall Street ended lower in overnight trade.

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

Rupee slips 21 paise to 75.85 against US dollar in early trade

The Indian rupee fell 21 paise to 75.85 against the US dollar in opening trade on Wednesday, as investors braced for a prolonged period of uncertainty as coronavirus cases rise.

Forex traders said rising brent prices and firm US dollar index weighed on the local unit.

The rupee opened weak at 75.83 at the interbank forex market and then fell further to 75.85, down 21 paise over its last close.

The rupee had settled at 75.64 against the US dollar on Tuesday.

(PTI Report)