Sensex Falls Over 600 Points, Nifty Below 13,550; PSU Banks Worst Hit

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Sensex Falls Over 600 Points, Nifty Below 13,550; PSU Banks Worst Hit

The S&P BSE Sensex and NSE Nifty 50 indexes fell sharply in noon deals mirroring losses in European markets after fast-spreading new variant of the coronavirus was 70 per cent more infectious United Kingdom said. The strain of new virus led to lockdown in parts of United Kingdom and a host of European countries imposed travel restrictions to the UK. The Sensex fell over 648 points and Nifty 50 index dropped below 13,550 on the back of a broad-based selling pressure. ICICI Bank, HDFC Bank, HDFC, ITC, State Bank of India and Axis Bank were top drags on the Sensex.
As of 2:11 pm, the Sensex fell 495 points to 46,465 and Nifty 50 index dropped 171 points to 13,590.



European markets were witnessing heavy selling pressure as the new Coronavirus strain could be up to 70 per cent more infectious, the United Kingdom has said, prompting its European neighbours and several other countries including Canada and Iran to close their doors to travellers from the country. England's FTSE 100 index fell 1.2 per cent, French CAC40 index dropped 2.5 per cent and Germany's DAX plunged 2 per cent.

Back home, selling pressure was visible across sectors as all the 11 sector gauges compiled by the National Stock Exchange were trading lower led by the Nifty PSU Bank index's over 2.5 per cent decline. Metal, media, banking, financial services, private bank and auto indices also fell between 1-2.5 per cent each.

Mid- and small-cap shares were also facing selling pressure as Nifty Midcap 100 and Smallcap 100 indexes fell over 1 per cent each.

Forty five out of 50 shares in the Nifty 50 basket were trading lower. ONGC was top Nifty loser, the stock dropped 6.5 per cent to ₹ 93. IndusInd Bank, Indian Oil, GAIL, Tata Motors, State Bank of India, Mahindra & Mahindra, NTPC and Hindalco also fell between 4-5 per cent.

On the flipside, Nestle India, Cipla, Infosys, HCL technologies and TCS were among the notable gainers.

The overall market breadth was extremely

SOURCE - https://www.ndtv.com/business/share-market-live-updates-sensex-falls-over-600-points-nifty-below-13-550-psu-banks-worst-hit-2341531