Sensex Drops 200 Points, Nifty At 12886 On Weak Global Cues; Spicejet Gains Over 13%

Indian benchmark indices on revived coronavirus concerns and fresh lockdowns in some of the major US cities opened lower. At 9:20 am, Sensex was down 0.46 percent or 202.37 points at 43977, while Nifty was down 0.4% or 51 points at 12886.

Sensex Drops 200 Points, Nifty At 12886 On Weak Global Cues; Spicejet Gains Over 13%

Banking stocks will continue to be in focus as the Supreme Court will hear the matter on interest waiver case later today.

TCS shareholders late Wednesday approved share buyback up to Rs. 16000 crore. The company's shares went higher by up to 2%.

Wipro on the other hand fixed December 11 as the record date for its up to Rs 9,500 crore share buyback. Shares gained as much as 1% to hit day's high of Rs. 349.2.

Spicejet shares also inched higher by 13% after the DGCA is set to analyze the Federal Aviation Administration's (FAA) order that officially cancels the ban on Boeing 737 MAX aircraft. Spicejet is the only airline in India to operate Boeing 737 MAX aircraft with as many as 13 aircraft. Also, HSBC has upgraded the stock to a 'Buy' and increased price target to Rs. 80.

Meanwhile Asian markets at the time of writing this copy traded weak with all of the major Asian indices down in trade. Japan's Nikkei as well as Singapore's Straits Times was down by 0.63 percent each, while Hang Seng of Hong Kong was down by 0.65%.

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