Sensex, Nifty Give In To Losses Amid Volatile Trade; Reliance Industries Rises Nearly 6%

At 10:34 am, the Sensex traded 104.94 points - or 0.29 per cent - lower at 35,530.01, while the Nifty was down 58.35 points - or 0.56 per cent - at 10,393.10. Thirty seven in the Nifty basket of 50 shares moved lower at the time. Top percentage laggards were GAIL, Bharat Petroleum, Tata Steel, Indian Oil and Cipla, trading between 3.44 per cent and 5.38 per cent higher. On the other hand, Yes Bank, Zee Entertainment, Bharti Infratel, Reliance Industries and Hero MotoCorp - up between 3.35 per cent and 23.29 per cent - were the top Nifty gainers. Heavyweight Reliance Industries jumped 5.86 per cent during the session to touch Rs 1,178.40 apiece on the upside at the strongest level in morning, rebounding after the stock suffered its biggest single-day fall in at least 10 years following a more than 30 per cent plunge in crude oil prices amid anticipated oversupply ahead. While Maruti Suzuki and Larsen & Toubro were the biggest drags on the Sensex, Reliance Industries and HDFC Bank supported the index the most in morning deals. The NSE India VIX index - which gauges the markets' expectation of volatility in the near term - soared as much as 7.45 per cent in morning deals. Equities in other Asian markets fell again on Wednesday after regaining some ground, along with Wall Street futures, following a brutal global selloff on Monday that was triggered by the double shock of an oil price crash and the worsening outbreak. In early Asian trade, MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.29 per cent, Australian shares down 2.02 per cent and Japan's Nikkei stock index down 1.28 per cent. US stock futures traded 2.2 per cent lower. On Monday, the oil market had collapsed and futures saw their largest percentage drop since 1991 Gulf War as a price war between Saudi Arabia and Russia broke out. On the same day, the S&P BSE Sensex index had declined 1,941.67 points - or 5.17 per cent - to end at 35,634.95 and the broader NSE Nifty benchmark shed 538.00 points - or 4.90 per cent - to settle at 10,451.45, in the worst day for the markets in four and a half years following the largest percentage drop in oil rates since 1991 Gulf War. Analysts say investors need to remain on guard for further market volatility, because the coronavirus still poses a risk to public health in many countries, which could place additional strains on the global economy. Meanwhile, foreign institutional investors have pulled out a net Rs 12,478.31 crore - or $1.71 billion - from domestic equities so far this month, and are set to turn net sellers after six months, data shows.

Sensex, Nifty Give In To Losses Amid Volatile Trade; Reliance Industries Rises Nearly 6%

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