Sensex down 370 points as traders book profits on US Fed's cautious view

ICICI Bank was the biggest loser in the pack, down 2.08 per cent to Rs 366.55, followed by HDFC Bank, ITC, L&T, IndusInd Bank and Kotak Mahindra Bank that fell in the range of 1-2 per cent.

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NEW DELHI: Domestic equity indices fell on Thursday, tracking their global peers, after US Federal Reserve’s minutes indicated that it does not see recovery in the economy very soon and vowed to stand behind the market.

Sentiment had been bullish up until Fed policymakers' comments highlighted uncertainties over the US recovery. The positive mood quickly faded after several Fed members said additional easing may be needed because a rebound in employment was already slowing.

Meanwhile, the World Bank's warning that it may project a steeper contraction for Indian economy in its revised outlook in October, as the coronavirus continues to spread and authorities unveil localised lockdowns, also dented the sentiment.


At 09.21 am, BSE flagship Sensex was down 366 points or 0.95 per cent to 38,249 while NSE benchmark Nifty fell 102 points or 0.90 per cent to 11,306. Barring some IT, media and pharma names, all stock clusters were under selling pressure.

In the 30-share pack Sensex, HCL Tech was the biggest gainer, up 0.77 per cent at Rs 715.50. It was followed by TCS, NTPC, Infosys and Power Grid that gained in the range of 0-1 per cent.

ICICI Bank was the biggest loser in the pack, down 2.08 per cent to Rs 366.55, followed by HDFC Bank, ITC, L&T, IndusInd Bank and Kotak Mahindra Bank that fell in the range of 1-2 per cent.
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Broader market indices were faring better than their headline peers as Nifty Smallcap slipped 0.05 per cent while Nifty Midcap dipped 0.01 per cent. Broadest index on NSE, Nifty 500 was down 0.58 per cent.

Nifty Media was the biggest sectoral gainer on NSE, rising 1.97 per cent. It was followed by Nifty Pharma and Nifty IT with gains of 0.41 and 0.15 per cent, respectively. On the other hand, Nifty Bank, Nifty Financial Service and Nifty Private Bank fell more than a per cent.

Globally, Asian equities and US futures fell, hurt by the US Federal Reserve's cautious view of the economy, tensions with China and new clusters of coronavirus infections.

MSCI's broadest index of Asia-Pacific shares outside Japan slid 1.24 per cent. U.S. stock futures, the S&P 500 e-minis, were down 0.61 per cent.
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Australian stocks dropped 1.04 per cent due to concern that ties with China will worsen further after a report that Australian regulators will reject acquisitions by a Chinese company.

Shares in China fell 0.8 per cent, and Japanese stocks slid 0.77 per cent. South Korean stocks tumbled 2.11 per cent amid a spike in coronavirus cases in Seoul.
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