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Sensex plunges over 700 pts; Nifty drops below 8,400 – business news

The index benchmark Sensex slipped more than 700 points in early trading on Wednesday amid losses from index heavyweight Reliance Industries, Kotak Bank, HDFC Bank and Infosys amid weak signals from global markets.

Beginning the new financial year on a negative note, the 30-share BSE barometer was trading 714.74 points, or 2.43 percent lower at 28,753.75.

Similarly, the NSE Nifty fell 199 points or 2.31 percent to end at 8,398.75.

Kotak Bank topped the Sensex pack by 8 per cent, followed by SBI, Infosys, HDFC Bank, Tech Mahindra and UltraTech Cement.

On the other hand, IndusInd Bank and PowerGrid benefited.

In the previous session, the Sensex closed up 1,028.17 points or 3.62 percent at 29,468.49 in the financial year 2019-20. The Nifty rose 316.65 points, or 3.82 percent, to 8,597.75.

However, the Sensex lost 9,204.42 points or 23.80 percent during the financial year, while the Nifty sank 3,026.15 points or 26.03 percent.

Foreign institutional investors (FIIs) turned net sellers into the capital market, as they closed equity shares worth Rs 3,044.94 crore as per provisional exchange data on Tuesday.

According to S. Hariharan, Head – Sales Trading, MK Global Financial Services: For the month of April, macro risk appetite driven by news flows around potential flows in fresh COVID-19 cases will be the major driving force for overseas flows, Continue to use corrections to increase equity allocation in domestic fund dynamic asset allocation funds.

On the global front, Baur was in red in Hong Kong, Tokyo and Seoul, while the people of Shanghai were trading on a positive note. Benchmark exchanges on Wall Street ended with losses in overnight trading.

The global oil benchmark Brent crude futures fell 0.76 percent to US $ 26.15 a barrel.

According to the Ministry of Health, the number of COVID-19 cases in India is around 1,400. While there are over 1,200 active cases, over 100 have been cured.

The number of epidemic-related deaths worldwide is 40,000.

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