Markets Remain Bleak On Global Cues, IndusInd Bank, Axis Bank Among Top Sensex Losers

Of the individual stocks, Canara Bank slipped 5 per cent after it reported losses that widened in the March quarter of FY20.

(File Photo/ Getty)

New Delhi: Domestic markets opened weak on Thursday after the International Monetary Fund (IMF) estimated a sharp contraction of 4.5 per cent in India's GDP in FY21. The 30- stock benchmark Sensex was down 120 points at 34,740 while the broader Nifty50 index shed the 10,300-mark. IndusInd Bank was down 4 per cent to emerge as the top Sensex loser followed by Axis Bank, Bajaj Finance, and ICICI Bank which slipped 2 per cent each, according to business daily Mint. Of the individual stocks, Canara Bank slipped 5 per cent after it reported losses that widened in the March quarter of FY20 (Q4FY20). Bharti Infratel also slipped after the company’s merger with Indus Towers got extended by over two months. The benchmark indices were down in line with global peers. SGX Nifty futures slipped over 1 per cent in Asian trade. Around 147 companies from the hospitality sector to banking including Apollo Hospitals, Ashok Leyland, and Bank of India are scheduled to announce their quarterly results on Thursday. The total number of Covid-19 cases in the country spiked to 4,73,105 and the death toll rose to 14,894 on Thursday, according to the Union Health Ministry Meanwhile, Asian markets remained in the red in sync with the overnight decline on the Wall Street. The steep rise in the coronavirus cases in the US and global trade tensions coupled with the IMF downgrade to global growth impacted the sentiments of investors hoping for the economic revival. MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.7 per cent, Tokyo's Nikkei shed 1.4 per cent and Australia's ASX 200 also declined 1.8 per cent. US stock futures slipped 0.7 per cent, extending overnight losses, according to Mint. Markets in Hong Kong and mainland China to remain shut for public holidays. US stocks ended sharply lower on Wednesday as investors grew concerned over increasing new coronavirus cases across the country. The Dow Jones Industrial Average plunged 710.16 points, or 2.72 per cent, to 25,445.94. The S&P 500 decreased 80.96 points, or 2.59 per cent, to 3,050.33. The Nasdaq Composite Index shed 222.20 points, or 2.19 per cent, to 9,909.17, Xinhua reported. All the 11 primary S&P 500 sectors tumbled, with energy down 5.68 per cent, leading the losses. Oil prices slid more than 5 per cent on Wednesday as traders grappled with worries of weaker crude demand amid rising coronavirus cases. Stocks tied to the prospect of economy reopening, such as airlines and cruise lines, traded lower. Also Watch: IMF projects contraction of global economy by 4.9 percent (With inputs from IANS)