Sensex Sinks 1500 Points On Weak Global Sentiments

Benchmark indices fell sharply in trade, playing catch-up with global markets, as Indian markets were shut on Friday.

The Sensex was trading with losses of 1,511 points, while the Nifty dropped 430 points in trade, as rising Covid19 cases and mounting tensions between the US and China weighed on sentiments. Most of the Asia Pacific markets were down more than 3 per cent in trade.

Heavyweights, which had rallied significantly last week, including the likes of HDFC and HDFC Bank, came in for some selling pressure.

Shares in Reliance Industries dropped marginally, after its net profits for the quarter ending March 31, 2020 plunged. However, reports that Silver Lake was to invest Rs 5,655.75 Crore In Jio Platforms, prevented a sharp erosion in the share price. The shares were down just one per cent in trade.

HUL Shares too reacted to results, as investors remained unhappy over the more than 7 per cent drop in the volumes of the company. The shares of the company were down almost 4 per cent in trade. ICICI Bank too fell sharply after Fitch Ratings downgraded the viability rating by one notch to BB for the bank.

The bank Nifty was the hardest hit in trade and was down almost 6.5 per cent.