Sensex plunges 486 pts; Nifty slumps below 15,750

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Mumbai, Jul 8 (PTI) Equity benchmark Sensex slumped 486 points on Thursday led by losses in index majors ICICI Bank, HDFC Bank and Reliance Industries amid a selloff in global markets.

The 30-share BSE index ended 485.82 points or 0.92 per cent lower at 52,568.94, while the broader NSE Nifty dropped 151.75 points or 0.96 per cent to 15,727.90.

Tata Steel was the top loser in the Sensex pack, shedding over 2 per cent, followed by Sun Pharma, ICICI Bank, SBI, Kotak Bank and Dr Reddy’s.

On the other hand, Tech Mahindra, Bajaj Auto, PowerGrid and NTPC were among the gainers.

'Domestic equities witnessed sharp correction amid weak global cues,' said Binod Modi, Head-Strategy at Reliance Securities.

Hang Seng corrected by over 2.50 per cent as investors dumped Chinese tech giants led by mounting concerns about regulatory risk, he noted.

Asian stock markets fell after the Federal Reserve talked about possibly reducing US economic stimulus and Japanese officials prepared to declare a coronavirus state of emergency during the Olympics due to a surge in infections.

Bourses in Shanghai, Seoul and Tokyo too ended with significant losses.

Stock exchanges in Europe were also trading in the red in mid-session deals.

Selling pressure was seen across all counters in Indian markets, while IT stocks broadly remained resilient ahead of TCS earnings later in the day. Metals and financials witnessed steeper correction, Modi said, adding that midcap and smallcap indices continued to outperform broader indices despite moderate profit-booking.

Meanwhile, international oil benchmark Brent crude declined 0.93 per cent to USD 72.75 per barrel. PTI ANS ABM ABM

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