NEW DELHI: Equity indices finished in red on Tuesday with the benchmark BSE sensex falling over 1,000 points, dragged by banking, auto and IT stocks amid weak global cues.
The 30-share BSE index fell 1,011 points or 3.20 per cent to close at 30,637; while the broader NSE Nifty settled below the 9,000-mark.
IndusInd Bank was the top loser in the sensex pack with its shares falling as much as 12.30 per cent, followed by Bajaj Finance, ICICI Bank, Axis Bank, M&M, Tata Steel and ONGC with their stocks down as much as 9.04 per cent.
On NSE, except for Nifty Pharma, all sub-indices finished lower with Nifty Private Bank, Media, Metal, Auto and Bank falling up to 6.3 per cent.
According to traders, domestic market plunged following selloff in global equities as rout in crude market hit investor sentiment world over.
US oil prices crashed to unprecedented lows Monday as futures in New York ended in negative territory for the first time amid a devastating supply glut that has forced traders to pay others to take the crude off their hands. However, the US crude prices bounced back into positive territory earlier in the day.
Further, concerns over mounting Covid-19 cases also kept investors jittery, traders said.
“Some plants and businesses have been opened, but the supply chain is still incomplete – there is no consumption as of now with the lockdown,” Umesh Mehta, head of research at Samco Securities told news agency Reuters.
“Things are really, really uncertain and, therefore, no one wants to commit right now although valuations are cheaper, as people are worried about ground-level realities,” he added.
The death toll due to the pandemic rose to 590, while the number of cases in the country climbed to over 18,600.
Meanwhile, the rupee settled lower by 30 paise at 76.83 (provisional) against the US dollar, tracking weak domestic equities and strengthening of the US dollar overseas.
Forex traders said the decline in the rupee was largely due to sharp drop in oil prices and stronger greenback which edged higher past the 100 level mark.
(With agency inputs)

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