Stock Markets Live: Sensex & Nifty dips

R.Jayashree | Coimbatore | October 29, 2020

The Indian stock market traded off day’s low during early afternoon session on Thursday.

PSU Banks continued to remain pressure and so did L&T, Titan and Tata Motors. Sensex plunges over 350 pts in early trade, while Nifty drops below 11,650. Both Sensex and Nifty are trying to recover from the early losses to turn positive.

IDBI Bank’s Board approved raising up to Rs 6000 crore via issue of equity shares. At 2 pm, the shares traded 0.8 percent lower to Rs 36.95 per share on the NSE.  The Indian markets failed to hold on to their slight recovery in noon deals and slipped half a per cent, ahead of the expiry of October series derivative contracts.

The S&P BSE Sensex was trading around 39,700 levels, down 220 points. The index hit an intra-day low of 39,524. Meanwhile, the broader Nifty50 index hovered around the 11,650-mark. Kotak Mahindra Bank and Asian Paints (both up 2%) were the top Sensex gainers, followed by ICICI Bank and Reliance Industries (both up 1%). On the other hand, Larsen & Toubro slid 4 per cent after announcing its September quarter results.

The Nifty sectoral indices were mixed, with Nifty PSU Bank index, down 1 per cent, leading the list of losers. In the broader market, the S&P BSE MidCap and SmallCap indexes were down 0.30 per cent and 0.7 per cent, respectively.

Rupee close: Indian rupee ended 24 paise lower at 74.11, amid selling seen in the domestic equity market. It opened at lowest level against the dollar since August 27 at 74.04 per dollar versus previous close of 73.87 and traded in the range of 73.94-74.16.

Source – PTI, Business Standard