Sensex tumbles 585 factors; Nifty drops under 14,600-mark

Extending its dropping streak to the fifth consecutive session, fairness benchmark Sensex tanked 585 factors on Thursday, monitoring losses in index majors Infosys, RIL and TCS.
After rallying almost 500 factors earlier within the day, the 30-share BSE index gave up all beneficial properties to finish 585.10 factors or 1.17 per cent decrease at 49,216.52. The broader NSE Nifty slumped 163.45 factors or 1.11 per cent at 14,557.85.
HCL Tech was the highest loser within the Sensex pack, shedding round 4 per cent, adopted by Infosys, Dr Reddy’s, TCS, Reliance Industries, Tech Mahindra and NTPC.

On the opposite hand, ITC, Bajaj Auto, M&M, Maruti and Bharti Airtel had been among the many gainers.
“Having seen a brisk gap-up opening on positive global cues, domestic equities fell sharply for the fifth consecutive day as sharp rise in coronavirus cases in the country made investors jittery,” mentioned Binod Modi, Head Strategy at Reliance Securities.
A pointy rise in each day COVID-19 circumstances in India has raised apprehensions about sustainability of ongoing rebound in company earnings, he famous, including that the mounting issues of doable recent financial restrictions made enthusiasm of dovish commentary from Federal Reserve quick lived for home markets.
After its two-day coverage assembly, the US Fed reassured traders that it expects to maintain its key rate of interest close to zero by means of 2023.
Stock exchanges on Wall Street ended with beneficial properties within the in a single day session.
Elsewhere in Asia, bourses in Shanghai, Hong Kong, Tokyo and Seoul ended on a optimistic notice.

Bourses in Europe had been additionally buying and selling increased in mid-session offers.
Meanwhile, the worldwide oil benchmark Brent crude was buying and selling 0.40 per cent decrease at USD 67.73 per barrel.