Sensex Falls by Over 500 Points; NIFTY Settles at 9154

Sensex dropped by 535.86 points and settled at 31327.22 while Nifty plummeted by 159.5 points and finally settled at 9154.40.

Bears gripped Sensex today after two days of bulls. Increasing Coronavirus cases caused tension amongst investors.

Top Gainers: Sensex and NIFTY

Reliance topped the list with a gain of 4% followed by Britannia, Sun Pharma and Cipla Ltd with gains of 3.51%, 1.69% and 1.51% respectively.

 Hero Moto Corp, L&T, Vedanta Ltd. and Asian paints were some stocks that made minimal gains.

Top Losers: Sensex and NIFTY

Today’s market saw a steep decline in share prices. Bajaj Finance was the worst hit and dropped by 8.70%. Infratel, Zee Entertainment Ltd and Hindalco fell by 7.98%, 7.52% and 5.98% respectively. IndusInd Bank, Axis bank and ICIC Bank also faced downfall today and lost share value of around 5%.

Banking stocks saw a significant fall of 3-4% after Franklin Templeton Mutual Fund pulled out 6 of its credit risk fixed income schemes. Other sectors also faced high losses today except for pharma and energy stocks.

FII/DII : Sensex and NIFTY

Foreign Investors invested around 5668.62 crores in Indian stocks. They sold shares to the value of 5875.91 crores, thus taking out a total of 207.29 crores of stock value from the market.

Indian market saw a downfall, domestic institutional investors amid the fear and tensions took out stock valued around 993.98 crores from the market. The stock value of 3903.74 crores invested, and 4897.72 crores were sold during the day.

Sensex and NIFTY today tracked a downfall of over 1% marking a weak worldwide scenario. Also, reports claiming the experimented COVID-19 drug Remdesivir failing the first trial led to the market downfall. However, Gilead Science’s Inc, the company behind the COVID-19 drug trial denied the report of the failed experiment.

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