Sensex drops 740 points on rising COVID cases, auto stocks crack

Equity benchmark indices closed nearly 1.5 per cent lower on Thursday amid concerns over rising coronavirus infections and weak global cues. The BSE S-P Sensex was down by 740 points or 1.51 per cent at 48,440 while the Nifty 50 edged lower by 225 points or 1.54 per cent to 14,325. All sectoral indices at the National Stock Exchange were in the negative zone. Nifty auto dipped by 2.7 per cent while Nifty PSU bank was down by 2.6 per cent, realty by 2.5 per cent and IT by 2.2 per cent. Among stocks, Maruti Suzuki lost by 3.8 per cent to Rs 6,792 per share while Hero MotoCorp fell by 2.9 per cent, Tata Motors and Eicher Motors by 2.8 per cent each.