Sensex drops over 300 pts in early trade

Equity benchmark Sensex fell over 300 points in early trade on Tuesday, dragged by losses in financial stocks amid selloff in global markets.

After reaching a low of 36,339.07, the 30-share BSE Sensex was trading 277.05 points, or 0.76 percent, reduced at 36,416.64.

In similar motion, the NSE Nifty dropped 74.85 points, or 0.69 percent, to 10,727.85.

Shares of this HDFC duo led to the drop from the indices, dropping around 3 percent, following HDFC Bank said it has launched a probe to its car financing practices after allegations against the behaviour of a long-time executive who murdered March 31 this season.

IndusInd Bank, Bajaj Finserv, Axis Bank, Bajaj Finance, Maruti and SBI were one of the additional laggards.

In the preceding semester, the BSE barometer stopped 99.36 points, or 0.27 percent, higher at 36,693.69, and the Nifty closed 34.65 points, or 1.15 percent up at 10,802.70.

Foreign institutional investors were net buyers in the capital market on Monday, buying stocks worth 221.76 crore, provisional exchange information revealed.

According to dealers, besides stock-specific activities, negative cues from international markets amid escalating US-China stress and increasing COVID-19 cases dampened investor sentiment .

Bourses at Shanghai, Hong Kong, Tokyo and Seoul were trading with substantial losses.

Asserting that the “Chinese predatory world perspective” had no place in the 21st century, the US, in a significant policy choice on Monday, reluctantly denied the territorial promises made by Beijing from South China Sea, saying it doesn’t have any legal reasons to unilaterally impose its will on the area.

On the coronavirus front, the amount of instances around the world connected to the disorder has spanned 1.30 crore.

Back in India, the amount of ailments spiked to 9.06 lakh, according to the health ministry.

Meanwhile, global petroleum benchmark Brent crude stocks fell 2.06 percent to USD 41.84 per barrel.