Sensex, Nifty nosedive by 1% as banking, financial stocks under pressure; HDFC top underperformer

Both benchmarks Nifty and Sensex have nosedived by 1% each dragged by huge sell-offs recorded in banking and financial stocks.

Oct 28, 2020 12:10 IST India Infoline News Service

Businessman protect his piggy bank from bear market
Indices extended losses during the early afternoon of Wednesday's trading session. Both benchmarks Nifty and Sensex have nosedived by 1% each dragged by huge sell-offs recorded in banking and financial stocks.

At around 12.41 pm, Nifty 50 was performing at 11,765.35 down 124.05 points or 1.04%. While Sensex was performing at 40,066.07 diving by 456.03 points or 1.13%.

Nifty recorded 10 advances and 40 declines.

On Nifty, Bharti Airtel continued to be the lead gainer by trading at Rs453.30 per piece up 4.60% after Q2 announcement. Airtel was joined by UPL at Rs447.95 per piece up 2.14%, Hero Motocorp at Rs2,964.35 per piece above 1.80%, Maruti Suzuki at Rs7,254.35 per piece higher by 1.34% and Wipro at Rs338.30 per piece up 1.27%.

While HDFC was the top underperformer, trading at Rs1,978.10 per piece on Nifty below 3.10%, followed by IndusInd Bank at Rs597.50 per piece down 2.69%, ICICI Bank at Rs399.05 per piece lower by 2.66%, Kotak Bank at Rs1,546.95 per piece down 2.56% and HCL Tech at Rs828.50 per piece below 2.21%.

Nifty Bank slumped by 1.81% and was trading at 24,321.80 and Nifty Fin Service plunged 1.95% trading at 11,847.10. 

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