Indices fall again, Sensex dips 400 pts

Monday,   29-Jun-2020   02:11 PM (IST)

The Indian equity markets declined over a per cent on Monday, dragged down by public sector banks and metal stocks. The Standard and Poor’s warning that the Indian economy is in deep trouble also weighed on investor sentiment. The rater has projected the Indian economy's growth to contract by 5 per cent this fiscal. Meanwhile, people are feared killed in an ongoing gunbattle after the Pakistan Stock Exchange in Karachi came under attack from terrorists, Geo News reported. Four militants stormed the exchange and opened indiscriminate fire. According to the report, police said three of the four terrorists have been killed while one remains inside the building. The headline index S&P BSE Sensex slipped 400 points to 34,770-mark and the broader Nifty50 index slipped below the 10,300 mark.  Among individual stocks, Axis Bank, IndusInd Bank, and Bajaj Finance all slid over 4 per cent each.  Notably, S&P had downgraded the ratings of both Axis Bank and Bajaj Finance during the weekend. On the other hand, shares of ITC rose as much as 4 per cent after the announcement of its March quarter results. The trend among Nifty sectoral indices was largely negative, led by Nifty Metal index, down 3 per cent. On the other hand, Nifty FMCG index rose 1 per cent.