Sensex Plunges 800 Points, Nifty Below 17,300 On Weak Global Cues

Indian equity benchmarks plunged on Friday dragged with the benchmark S&P BSE Sensex falling more than 800 points and Nifty 50 index dropping below its important psychological level of 17,300. Reliance Industries, HDFC, HDFC Bank, ICICI Bank, Kotak Mahindra Bank, Infosys and State Bank of India were among the top drags on the Sensex. Meanwhile, Asian stocks suffered their sharpest drop in two months on Friday after the detection of a new and possibly vaccine-resistant coronavirus variant sent investors scurrying toward the safety of bonds, the yen and the dollar. MSCI’s broadest index of Asia-Pacific shares outside Japan fell 1.3 per cent, its sharpest drop since September. Casino and beverage shares sold off in Hong Kong, and travel stocks dropped in Sydney.

Japan’s Nikkei skidded 2.5 per cent and U.S. crude oil futures fell nearly 2 per cent as well amid fresh demand fears.

As of 9:24 am, the Sensex was down 844 points at 57,951 and Nifty 50 index dropped 251 points or 1.43 per cent to 17,284.

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