Share Market Updates: Sensex Drops Over 100 Points, Nifty Near 11,850 As Financial Stocks Weigh On Markets

Domestic stock markets started Wednesday's session on a choppy note, amid weakness across global equities as rising COVID-19 cases in the US and Europe kept investors cautious. The S&P BSE Sensex index dropped 115.93 points - or 0.29 per cent - to 40,406.17 at the weakest level recorded in early deals, and the broader NSE Nifty 50 benchmark slid to as low as 11,858.30, down 31.1 points - or 0.26 per cent - from its previous close. Selling pressure in banking, financial services, consumer goods and metal shares pulled the markets lower. 

At 9:22 am, the Sensex traded 18.57 points - or 0.05 per cent - lower at 40,503.53, while the Nifty was down 11.85 points - or 0.10 per cent - at 11,877.55.

Bharti Airtel shares were in focus, a day after the telecom major reported its highest quarterly revenue ever.

In a regulatory filing after market hours on Tuesday, Airtel said its revenue grew 22 per cent to Rs 25,785 crore in the quarter ended September 30, boosted by higher tariffs and a rise in data usage from a coronavirus-fuelled shift to remote working.

Equity markets elsewhere in Asia slipped amid increasing COVID-19 infections in the US and Europe, while uncertainty over next week's US elections dampened investor sentiment.

MSCI's broadest index of Asia Pacific shares outside Japan was last seen trading 0.15 per cent lower, while Japan's Nikkei 225 benchmark was down 0.6 per cent.

On Tuesday, the Sensex had ended 376.60 points - or 0.94 per cent - higher at 40,522.10 and the Nifty at 11,889.40, up 121.65 points - or 1.03 per cent - from its previous close.