Sensex plunges 661 pts in line with global selloff

Mumbai, Jul 14 (PTI):
Equity benchmark Sensex plunged 661 points on Tuesday, dragged by losses in financial stocks amid selloff in global markets.
After touching a low of 35,877.42, the 30-share BSE Sensex settled 660.63 points, or 1.80 per cent, lower at 36,033.06.
Likewise, the NSE Nifty fell 195.35 points, or 1.81 per cent, to 10,607.35.
Shares of the HDFC duo led the fall in the indices, shedding up to 2.94 per cent, after HDFC Bank said it has launched a probe into its auto lending practices following allegations against the conduct of a long-time executive who retired on March 31 this year.
IndusInd Bank, Axis Bank, Maruti, Bajaj Finserv, PowerGrid and SBI were among the other major laggards.
On the other hand, Titan, Bharti Airtel and Bajaj Auto closed with gains.
“Key indices corrected close to 2 per cent on weakness in financial and metal stocks. We witnessed profit booking in key auto stocks as their volume numbers are already known to the street for the first quarter,” said S Ranganathan, Head of Research at LKP Securities.
According to traders, besides stock-specific actions, negative cues from global markets amid escalating US-China tension and rising COVID-19 cases dampened investor sentiment here.
Bourses in Shanghai, Hong Kong, Tokyo and Seoul closed with significant losses.
Stock exchanges in Europe also began on a negative note.

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