Sensex Ends 600 Points Lower On Coronavirus Fears, Financials Lose

Stock markets gave-up all the spectacular gains seen on Tuesday, as the Nifty shed nearly 160 points, on rising coronavirus cases from around the globe.

New Covid cases and hospitalisations continued to soar in Europe and the US, leading to a sell-off in global stock markets. The Sensex ended the day with losses of 600 points, while the Nifty dropped 160 points to end the day at 11,729 points.

Banking stocks, which witnessed a spectacular rally on Tuesday were the biggest losers along with other financials. Among the top losers from the Nifty were HDFC, InduInd Bank, ICICI Bank and Kotak Mahindra Bank.

Other Nifty stocks that saw deep cuts were tech Mahindra and Adani Ports. Bharti Airtel had a good day in trade following its quarterly numbers. Analysts remained bullish on the stock resulting in a surge in the price by nearly 5 per cent.

Shares in Marico saw buying interest after the results were better than expectations. Net profit at the company was up 8% to Rs 273 crore, which helped the stock close almost 2 per cent higher.

Titan, however, did not have a great day in trade and the stock fell, following its numbers. Net profit was down at the company around 38% to Rs 199 crores.