Sensex drops by more than 300 points in the first exchanges; Nifty drops below 11200

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The benchmark Sensex stock index fell more than 300 points early in Tuesday, following the losses of index heavyweights Reliance Industries, Bajaj Finance and Maruti amid negative signals from global markets and exits from foreign funds.

The 30-stock BSE index traded 305.12 points or 0.80% lower at 37,729.02; while the NSE Nifty fell 97.10 points or 0.86% to 11,153.45.

Tata Steel was the first loser in the Sensex pack, losing around 3%, followed by Bajaj Finance, ONGC, Maruti, Bajaj Finserv, M&M and Titan. In contrast, HCL Tech, Tech Mahindra and TCS were among the winners.

In the previous session, Sensex finished 811.68 points or 2.09% lower at 38,034.14, while Nifty fell 254.40 points or 2.21% to finish at 11,250.55.

Meanwhile, forex data showed that foreign institutional investors on Monday sold shares worth ₹ 539.81 crore on a net basis.

According to traders, the global market liquidation was triggered by several factors such as reports of possibly irregular financial transactions involving some of the major international banks, and fears of a growing pandemic in a second wave in many parts of the world. Europe.

The exchanges in Shanghai, Hong Kong and Seoul were trading with losses in midday trades. Stock markets in the United States ended on a negative note in the night session.

Meanwhile, global benchmark Brent crude was trading 0.27% higher at $ 41.55 a barrel.

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