Sensex Falls 687 Points Amid Weak Global Cues In Morning Trade

The benchmark indices witnessed a decline in morning trade amid weak global cues. BSE Sensex tanked 687 points to 61,118 while NSE Nifty fell 214 points to 18206 at 11:00 am. Leading companies like Hindalco and SBI Life Insurance shares declined over 2% in morning trade.

Nifty Bank fell over 300 points to 43,103 while Nifty Midcap witnessed a fall of 293 points to 31,893. Amid the decline in market today, shares of Adani Enterprises Ltd and Axis Bank witnessed marginal gain of less than 1%.

According to reports, fears of global recession and a surge in Covid-19 infections in China led to decline in Indian equity benchmarks and Asian Markets.

According to Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd says, "In the absence of any major trigger, we expect markets to move sideways with support base buying at lower levels. Capital goods, construction and infra sector should be in focus with improvement in project ordering activity and also interest in the space ahead of upcoming union budget. Also, Oil & Gas and sugar sectors are likely to stay in focus after the positive news flow."