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Share Market Updates: Sensex Falls Over 350 Points, Nifty Below 11,650; Larsen & Toubro Drops

Share Market News: Selling pressure across sectors dragged the markets lower

Domestic stock markets started Thursday’s session on a negative note tracking weakness across Asian equities, amid concerns about fresh COVID-19-related lockdowns in Europe. The S&P BSE Sensex index opened 385.29 points – or 0.97 per cent – lower at 39,537.17, and the broader NSE Nifty 50 benchmark began the day at 11,633.30, down 96.30 points – or 0.82 per cent – from its previous close. Selling pressure across sectors dragged the markets lower.

At 9:20 am, the Sensex traded 385.29 points – or 0.97 per cent – lower at 39,537.17 while the Nifty was down 96.30 points – or  0.82 per cent – at 11,633.30. 

Larsen & Toubro, Titan, Tata Motors, Bajaj Auto, Adani Ports and Hindalco, trading between 1.73 per cent and 3.90 per cent lower, were the top losers among 46 laggards in the 50-scrip index. 

Axis Bank and Asian Paints – up 0.90 per cent and 0.76 per cent respectively – bucked the trend, and were the top Nifty gainers. 

Larsen & Toubro, HDFC Bank and HDFC were the biggest drags on Sensex, accounting for more than 100 points in its fall.

Analysts awaited more large cap earnings for near-term cues, a day after construction major L&T and the country’s third largest private lender, Axis Bank, reported their financial results for the July-September period.

Axis Bank reported a net profit of Rs 1,682.67 crore in the July-September period, as its asset quality improved. Axis Bank – the country’s third largest private sector lender by market value – had posted a net loss of Rs 112.08 crore in the corresponding period a year ago. 

Larsen & Toubro reported a net loss from continuing operations on a standalone basis in the quarter ended September 30. 

Share markets in other parts of Asia fell on Thursday, but not as sharply as Wall Street’s rout overnight, as the region’s brighter economic outlook offset investor worries about fresh COVID-19 lockdowns in Europe.

MSCI’s broadest index of Asia-Pacific shares outside Japan was last seen trading 1 per cent lower. while Japan’s Nikkei 225 benchmark was down 0.8 per cent.

The fall was less severe than the S&P 500 index’s 3.5 per cent drop or the 4.2 per cent plunge in Germany’s DAX, which led European shares to their lowest level since late May.

The Sensex had ended 599.64 points – or 1.48 per cent – lower at 39,922.46 on Wednesday, and the Nifty settled at 11,729.60, down 159.80 points – or 1.34 per cent – from its previous close.

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