Sensex Falls On Resurgence Of Covid-19 Cases Globally

Benchmark indices fell in trade after global cues were weak, with the Dow Jones falling as much as 3.43 per cent on Wednesday. Rising Covid cases and worries of a lockdown and curbs pushed indices there lower. This resulted in sharp falls across the Asian markets as also India. European markets had closed around 4 per cent lower on Wednesday.

The Sensex was trading with losses of 250 points, while the Nifty dropped 114 points in trade, following a 161 points loss on Wednesday.

Axis Bank saw its shares gaining ground after the bank's September quarter net profit was placed at Rs 1,849 crore against a loss of Rs 18 crore in the year-ago period.

Engineering conglomerate Larsen and Toubro saw its share price fall after the company reported a net profit of Rs 5,520 crore for the September quarter. The net profit number was boosted by one-time asset sale proceeds, but offset by impairment costs.

Multi Commodity Exchange of India (MCX) shares fell 3 per cent, after the exchange reported 18 per cent decline in net profit to Rs 58.55 crore during the second quarter ended September 30, 2020.

Ravi Singhal, Vice Chairman, GCL Securities Limited sees Nifty having strong support around 11,536-11622 points and strong resistance around 11855-11944 points. Markets are expected to be volatile as today is the last day for the F&O October series.