Times of India : Sep 21, 2020, 04:36 PM
Mumbai: Equity indices finished lower on Monday with the benchmark BSE sensex plunging over 800 points amid global selloff.The 30-share BSE index finished 812 points or 2.09 per cent lower at 38,034; while the broader NSE Nifty settled 254 points or 2.21 per cent lower at 11,250.IndusInd Bank, Bharti Airtel, Tata Steel, ICICI Bank, M&M, Maruti and Axis Bank were the top losers in the sensex pack falling as much as 8.67 per cent. 27 out of 30 stocks finished in red.While Kotak Bank, TCS and Infosys were the only gainers rising up to 0.86 per cent.On the NSE platform, sub-indices Nifty Realty, Metal, Media, Auto, PSU Bank and Pharma fell as much as 5.98 per cent.According to traders, heavy selloff in global markets and the passage of a farm bill by the government kept investors cautious. Rising number of Covid cases at home as well as abroad also dented investor sentiment, they added.Last week, the government passed three laws aimed at allowing farmers to sell their produce directly to food processors and retailers, sparking protests from opposition who said the bill would leave farmers at the mercy of large corporations."Though the bill will be seen as a positive for markets, there will be uncertainties till it becomes a law," Anita Gandhi, director at Arihant Capital Markets told news agency Reuters.As per data released by the government, India's coronavirus cases touched 5.49 million by Monday morning, second only to the United States.Global markets fell as some European countries such as Denmark, Greece and Spain imposed renewed restrictions on activity due to rising Covid-19 cases, which threatened to stall recovery.On the currency front, rupee strengthened 7 paise and closed at 73.38 (provisional) against the US dollar.Meanwhile, exchange data showed that foreign institutional investors bought equities worth Rs 205.15 crore on a net basis on Friday.