Sensex snaps 6-day winning run to end 129 pts lower; bank stocks tank

On the other hand, Tech Mahindra, Sun Pharma, Bharti Airtel and HCL Tech were among the gainers. (Photo: IANS)


Snapping its six-day winning streak, equity benchmark Sensex closed 129 points lower on Thursday, dragged by losses in banking stocks amid weak cues from global markets.

After swinging 599 points during the day, the 30-share index settled 128.84 points or 0.38 per cent lower at 33,980.70. It hit an intraday high of 34,310.14 and a low of 33,711.24.

Likewise, the NSE Nifty slipped 32.45 points or 0.32 per cent to close at 10,029.10. During the day, the index rose to 10,123.85 and touched a low of 9,944.25.

Asian Paints was the top laggard in the Sensex pack, falling around 5 per cent, followed by Bajaj Finance, HDFC, IndusInd Bank, Axis Bank and Kotak Bank.

On the other hand, Tech Mahindra, Sun Pharma, Bharti Airtel and HCL Tech were among the gainers.

According to Narendra Solanki, Head- Equity Research (Fundamental), Anand Rathi, market opened flat tracking mixed global market cues in Asia as investors were seen weighing in prospects of economic recovery.

Market weakened further as India saw the single- largest one-day spike in COVID-19 cases, he said, adding the overhang of Supreme Court’s statement on the ongoing interest moratorium case led to a selloff in financial stocks.

The Supreme Court has sought the finance ministry’s reply on waiver of interest on loans during the moratorium period after the RBI said it would not be prudent to go for a “forced waiver of interest” risking financial viability of the banks.

The top court said there are two aspects under consideration in this matter — no interest payment on loans during the moratorium period and no interest to be charged on interest.

On the global front, bourses in Hong Kong, Seoul and Tokyo settled in the red, while Shanghai ended with gains.

Stock exchanges in Europe began on a negative note.

International oil benchmark Brent crude futures fell 1.21 per cent to USD 39.31 per barrel.

The rupee depreciated 10 paise to provisionally close at 75.57 against the US dollar.

Meanwhile, the number of COVID-19 cases around the world crossed 64.32 lakh and the death toll has topped 3.85 lakh.

In India, the death toll rose to 6,075 and the number of infections stood at 2,16,919, according to the health ministry.