Market underperforms on a broad-based selloff; Heavyweight HDFC twins, RIL, ICICI Bank drag

Investors carried a broad-based selloff in banking, financials, IT, pharma, realty and metal stocks.

Oct 28, 2020 03:10 IST India Infoline News Service

Wednesday's turned into a bloodbath as investors carried a broad-based selloff in banking, financials, IT, pharma, realty and metal stocks. Heavyweight stocks like RIL, ICICI Bank and HDFC among others also dragged the performance.

Sensex finished at 39,922.46 down 599.64 points or 1.48%. The index has touched the day's low of 39,774.60. Whereas, Nifty shed 159.80 points or 1.34% and ended at 11,729.60.

Bharti Airtel continued to remain the top gainer on Sensex, by closing at Rs451.45 per piece up 4.26%, followed by M&M, Maruti Suzuki and L&T stocks which surged between 0.12-1%.

However, HDFC was worst hit on Sensex and closed at Rs1,970.10 per piece down 3.39%.

HDFC was joined by ICICI Bank, IndusInd Bank and Tech Mahindra in the underperformers list, diving by 3% each.

A 2% drop was witnessed in major stocks like Bajaj Finance, Ultratech Cement, HDFC Bank, Kotak Bank, Tata Steel, SBI, Asian Paint, Sun Pharma and NTPC.

While other heavyweights like Nestle, RIL, Titan and Infosys plunged by 1% each on Sensex.

Indices tracked weak global cues as Asian stock market was performing mixed as investors were cautious over a new surge in Coronavirus vases in major economies like the United States and Europe.

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