Sell-off intensified in the Indian stock market on Wednesday, as both Sensex and Nifty dropped to their lowest levels in three years.

Continuing to be in the bear market, Benchmark Index Sensex ended 1,709 points -5.59% at 28,869 while the broader Nifty 50 by 425 points -4.75 at 8,541 during the closing session on Wednesday.

The market crash attributes to the increase in number of coronavirus cases in India. The last time the market traded below 30,000 mark was in 2017. Now, the banking sector remained the most affected with IndusInd Bank hitting a 52-week low on Wednesday.

Around 3.15 p.m., it was trading at 28,780.93, lower by 1,798.16 points or 5.88 per cent from the previous close of 30,579.09. It had opened at 30,968.84 and touched an intra-day high of 31,101.77 earlier in the day.

It has so far touched an intra-day low of 28,613.05.

The Nifty50 on the National Stock Exchanges was trading at 8,485.75, lower by 481.30 points or 5.37 per cent from its previous close.

The sector-wide selloff in the Indian markets was led by heavy selling in banking and finance stocks. On the Sensex, IndusInd Bank, Bajaj Finance Aand Axis Bank were the top losers.

While ONGC, State Bank of India, TCS and ITC were the only stocks which gained.

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Free Press Journal