Stock market update: Markets open in red then turn green

Stock market update: Markets open in red then turn green

AgenciesUpdated: Wednesday, June 17, 2020, 10:06 AM IST
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BSE | PTI

The 30-scrip Sensitive Index (Sensex) on Wednesday opened on a negative note during the morning session of the trade and then turned positive. The Sensex of the BSE opened at 33,438.31 points and touched a high of 33,700.48 points. The Sensex touched a low of 33,332.96 points.

On Tuesday the Sensex closed at 33,605.22 points. The Sensex is trading at 33,668.72 up by 63.50 points or 0.19 per cent.

On the other hand, the broader 50-scrip Nifty at the National Stock Exchange (NSE) opened at 9,876.70 after closing at 9,914.00 points.

The Nifty is trading at 9,862.30 points in the morning.

This fall in market was due to the weakness in index-heavyweights HDFC Bank, Reliance Industries and ICICI Bank amid weak cues from Asian peers and persistent foreign fund outflows.

After touching a low of 33,332.96, the 30-share index was trading 225.22 points, or 0.67 per cent, lower at 33,380. Similarly, NSE Nifty fell 56.40 points, or 0.57 per cent, to 9,857.60.

According to traders, border tension with China, weakness in global markets, spike in COVID-19 cases and unabated foreign fund outflows weighed on investor sentiments.

PowerGrid was the top laggard in the pack, shedding around 2 per cent, followed by NTPC, SBI, UltraTech Cement, M&M, HDFC Bank and Kotak Bank.

On the other hand, Maruti, Tech Mahindra, Axis Bank and Infosys were among the gainers.

In the previous session, the BSE barometer settled 376.42 points, or 1.13 per cent, higher at 33,605.22, while the broader Nifty closed 100.30 points, or 1.02 per cent, up at 9,914.

On a net basis, foreign institutional investors sold equities worth Rs 1,478.52 crore in the capital market on Tuesday, provisional exchange data showed.

Bourses in Shanghai, Hong Kong, Tokyo and Seoul were trading with losses in early deals.

Stock exchanges on Wall Street ended on a positive note in overnight trade.

International oil benchmark Brent crude futures fell 2.22 per cent to USD 40.05 per barrel.

The number of cases around the world linked to the disease has crossed 81.62 lakh and the death toll has topped 4.41 lakh.

Meanwhile, India witnessed highest single day spike of 2,003 COVID-19 deaths, pushing the toll to 11,903, while cases rose to 3,54,065 with 10,974 new infections.

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