HomeMarket NewsClosing Bell: Sensex slumps over 1,000 points, Nifty below 8,850; financials drag

Closing Bell: Sensex slumps over 1,000 points, Nifty below 8,850; financials drag

The Sensex ended 1,069 points lower at 30,029, while the Nifty lost 314 points to settle at 8,823.

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By CNBCTV18.com May 18, 2020, 3:40:52 PM IST (Updated)

Closing Bell: Sensex slumps over 1,000 points, Nifty below 8,850; financials drag
Indian shares tumbled over 3 percent on Monday, with banks leading the fall, as investors were disappointed by government measures to aid an economic recovery. Sentiment was also affected after the government extended the lockdown till May 31 as domestic cases of the novel coronavirus continued to rise steadily.


The Sensex ended 1,069 points lower at 30,029, while the Nifty lost 314 points to settle at 8,823. Financial heavyweights HDFC Bank, HDFC, ICICI Bank, Kotak Bank, and Axis Bank led the losses. Market breadth was in favour of declines with the advance-decline ratio at 1:4.

Meanwhile, other Asian shares were led higher by S&P 500 futures on Monday as countries’ efforts to re-open their economies raised hopes of a pick up in economic activity.

Back home, India's tally of COVID-19 infections surged past 96,000 on Monday, while deaths surpassed 3,000. Goldman Sachs on Sunday estimated that India’s real GDP would fall by 5 percent in FY21, sharply lower from an earlier projected 0.4 percent fall.

The Nifty banking index and Nifty Fin Services fell over 6.5 percent each. Nifty Auto and Nifty Realty shed around 5 percent, whereas Nifty Metal was down 4 percent. Howevern Nifty IT rose 1 percent for the day.

Among stocks, IndusInd Bank, Zee, Eicher Motors, BPCL, and UltraTech Cement were the top losers on the Nifty50 index, while Cipla, TCS, Bharti Infratel, Infosys, and HCL Tech capped the losses.

Shares in drugmaker Cipla jumped over 5 percent after March-quarter results on Friday and its filing of a new drug application for a generic version of GSK’s blockbuster lung drug Advair.
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