Stock market ends in red; finance, FMCG stocks fall

Mumbai, May 7 (IANS) The Indian equity indices declined on Thursday with heavy selling in finance, banking and FMCG stocks.

The BSE Sensex fell below the 31,500-mark and the Nifty50 on the National Stock Exchange (NSE) ended just below 9,200 points.

According to analysts, surge in the number of coronavirus cases also weighed on the investor sentiments.

The Sensex closed at 31,443.38, lower by 242.37 points or 0.76 per cent from its previous close of 31,685.75. It had opened at 31,677.69 and touched an intra-day high of 31,705.25 and a low of 31,362.87 points.

The Nifty50 settled at 9,199.05, lower by 71.85 points or 0.78 per cent from its previous close.

Rahul Sharma, Head of Research, Equity99 Advisors, said: “Yesterday’s pull-back rally failed to sustain today as traders turned nervous as the number of coronavirus infections cases crossed 50,000 mark. Today’s fall was led by selling banking and FMCG stocks. Kotak Mahindra Bank, Asian Paint and Titan led the fall.”

He noted that the rising number of coronavirus cases could force the government to further extend the ongoing lockdown and it could further put pressure on an already slowing economy.

–IANS

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