Sensex drops 210 pts on weak global cues

Mumbai, Jun 29 (PTI) Equity benchmark Sensex on Monday dropped 210 points on selling mainly in banking and IT stocks as mounting coronavirus cases kept investors globally on edge.

After plunging 509 points during the day, the 30-share BSE index pared some losses to end 209.75 points, or 0.60 per cent, lower at 34,961.52.

Likewise, the NSE Nifty settled 70.60 points, or 0.68 per cent, down at 10,312.40.

Axis Bank was the top loser in the Sensex pack, dropping around 5 per cent, followed by Tech Mahindra, SBI, L&T, IndusInd Bank, Infosys and NTPC.

On the other hand, HDFC Bank, HUL, Kotak Bank and Bharti Airtel were among the gainers.

According to Narendra Solanki, Head- Equity Research (Fundamental), Anand Rathi, market opened on a negative note tracking subdued trades in Asian markets as global coronavirus death toll crosses 5,00,000 as investors continued to monitor developments amid concerns that a surge in cases could impact the reopening of economies.

During afternoon session, market recovered marginally but failed to sustain the gains as European markets opened lacklustre which further weighed on already negative sentiments, he added.

Further, geopolitical tensions like India-China border issue and US-China trade tiff also kept participants on edge, traders said. Bourses in Shanghai, Hong Kong, Japan and Seoul ended with significant losses, while those in Europe opened with mild gains.

The number of cases around the world linked to the disease has crossed 1 crore and the death toll has topped 5 lakh.

In India, the number of coronavirus infections rose to 5.48 lakh, while the death toll stood at 16,475, according to the health ministry.

Meanwhile, international oil benchmark Brent crude futures fell 0.34 per cent to USD 40.79 per barrel.

On the currency front, the rupee settled 7 paise higher at 75.58 against the US dollar. PTI ANS MKJ