The Indian benchmark indices closed the day over 1.3% lower since many European countries are bringing back the lockdown restrictions to curb the spread of the possible second wave of the COVID-19 infection. The financial stocks drove the losses in the indices as they witnessed intense selling over the day.
The S&P BSE Sensex closed the day at 39,922.46 points. It shed 1.48% or 599.64 points over the day. The bears ruled the market in such a way that only four of the thirty stocks constituting the Sensex index managed to close in the green, while the remaining twenty-six of them folded in the unfavourable terrain.
IndusInd Bank, HDFC, and ICICI Bank led the losses in the index as their share price dropped by 3.45%, 3.44%, and 3.34% respectively. Tech Mahindra and Bajaj Finance followed with their share price reducing by 3% and 2.41% respectively.
Also Read: Closing Bells: Indian Benchmark Indices Close Wednesday Over 0.3% Higher
HDFC Bank, Kotak Bank, SBI, and Axis Bank witnessed their share price going down by 2.27%, 2.25%, 2.11%, and 0.71% respectively. Bharti Airtel, M&M, Maruti Suzuki, and Larsen & Toubro turned out to be the only stocks to close in the green, and their share price advanced by 4.26%, 1.17%, 0.33%, and 0.12% respectively.
The NSE Nifty 50 closed Wednesday with a drop of 159.80 points or 1.34%. It ended the day at the 11,729.60 levels. Only eight of the fifty stocks that form the Nifty index closed in the favourable terrain, while the remaining forty-two of them ended in the red. HDFC lost the most with its share price falling by 3.55% over the day.
The share price of ICICI Bank and IndusInd Bank went down by 3.44% and 3.39% respectively. Bharti Airtel and UPL tried to curtail the losses in the index with their share price surging by 4.27% and 2.78% respectively. India VIX, the volatility gauge, managed to add 4.89% or 1.09 points over the day. It closed at 23.28 points.
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Engineer by qualification, financial writer by choice. I am always open to learning new things.
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