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Sensex ends 81 pts lower; financial stocks drag

Agency, Mumbai
11/05/2020   0 Comments

Benchmark Sensex gave up all its early gains to end 81 points lower on Monday, dragged by losses in financial stocks as lenders beefing up provisions against COVID-19 risks stoked slippages worry.

Besides, spiking COVID-19 cases in the country and tepid cues from global markets weighed on investor sentiment.

After gyrating over 800 points during the day, the 30-share index settled 81.48 points or 0.26 per cent lower at 31,561.22.

Similarly, NSE Nifty fell 12.30 points, or 0.13 per cent, to 9,239.20.

ICICI Bank was the top laggard in the Sensex pack, cracking over 5 per cent, followed by Kotak Bank, HUL, HDFC, IndusInd Bank, HDFC Bank and Nestle India.

On the other hand, Hero MotoCorp, Bajaj Auto, Maruti, TCS and HCL Tech were among the gainers.

Joining peers, ICICI Bank made COVID-19 related provisions of Rs 2,725 crore to further strengthen the balance sheet -- causing worries on fiscal slippages front.

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