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Sensex tumbles 800 points, Nifty loses 225 points: Here's why market is falling today

Sensex and Nifty followed their Asian counterparts which were hit by resurgence of coronavirus cases in China and Wall Street posting its worst week in nearly three months

Aseem Thapliyal | June 15, 2020 | Updated 14:17 IST
Sensex fell 800 points, Nifty loses 225 points: Here's why market is falling today
On Friday, Sensex ended 242 points higher at 33,780 and Nifty closed 70 points higher at 9,972 led by bargain hunting and rise in European indices.

Indian markets started first trading session of this week on a weak note with Sensex tumbling 783 points and Nifty losing 225 points in early trade today. That led to a fall in investor wealth by Rs 1.76 lakh crore. Market capitalisation on BSE fell to Rs 132.24 lakh crore compared to Rs 134 lakh crore on June 12. Sensex and Nifty followed their Asian counterparts which were hit by resurgence of coronavirus cases in China and Wall Street posting its worst week in nearly three months.

China reported a rise in new coronavirus infections in Beijing and took preventive measures to contain deadly virus. Reports said 49 new coronavirus cases emerged nationwide on Monday, including 36 more in Beijing which indicated a second wave of the deadly virus may have hit the country.

Impacted by the fresh cases in China, Japan's benchmark Nikkei 225 dropped 0.6% to 22,180.58. South Korea's Kospi slipped 0.2% to 2,127.15. Australia's S&P/ASX 200 shed nearly 0.4% to 5,826.80. Hong Kong's Hang Seng slid 0.6% to 24,157.08, while the Shanghai Composite was little changed at 2,919.41.

On Friday,  Dow Jones Industrial Average posted a 5.6% weekly loss after slumping nearly 7% on Thursday. The S&P 500 fell 4.8% for the week, its biggest weekly decline since Mid march. A phenomenal rise in Covid-19 cases at home may  have also led to a fall in  Sensex and Nifty today.

India's tally of coronavirus cases reached 3.32 lakh on Monday with a record 11,502 new COVID-19 cases and 325 deaths in the past 24 hours, according to the Union Health Ministry.

That erased all gains the indices posted on Friday and pushed them back in the red. On Friday, Sensex ended 242 points higher at 33,780 and Nifty closed 70 points higher at 9,972 led by bargain hunting and rise in European indices. Sensex plunged 783 points to 32,997 and  Nifty lost 225 points to 9747 today.

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All 30 Sensex stocks except M&M were trading in the red. M&M share gained 0.71% at 12:00 pm.  IndusInd Bank, Axis Bank and ICICI Bank were the top Sensex losers falling up to 6.25%.

Reliance Industries' rights issue share debuts at Rs 690

BSE mid cap and small cap indices fell 134 and 10 points respectively in afternoon trade. All 19 BSE sectoral indices were trading in the red. Banking stocks led the losses with BSE bankex falling 878 points to 22,620. BSE consumer durables index too fell 366 points to 20,079.

Bank Nifty too plunged 765 points or 3.71% to 19,889. Market breadth was negative with 1084 stocks rising against 1204 falling on BSE. 154 stocks were unchanged.

Stocks in news: Hindalco Industries, Dr Reddys, Lupin, PNB Housing, BHEL, UTI AMC, Eicher Motors, RIL, MCX

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