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Sensex, Nifty close 4% down as bears tighten stranglehold

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Market Closing

Indian shares closed in the red in the first trading session of FY21 on Wednesday as the number of coronavirus cases increased sharply across the country even as a 21-day lockdown remained in force.

Sensex dropped 1,203 points or 4.1% at 28.265. Nifty slipped over 300 points or 3.9% at 8,263.

Tech Mahindra, Kotak Bank, Axis Bank and TCS were biggest laggards on the 30-share Sensex. Hero MotoCorp, Bajaj Finance, Bajaj Auto and Titan were rare gainers.

Most auto companies closed in the red on weak sales in March exacerbated by the covid-19 lockdown. Shares of Maruti Suzuki closed 1.5% lower after the company reported a steep drop of 48% in its total domestic vehicle sales for March 2020 YoY. Shares of Ashok Leyland ended 4.5% lower; the company’s domestic sales declined 91% YoY.

Nifty PSU Bank index slipped over 3%. Punjab National Bank, State Bank of India and Bank of Baroda closed 4-6% lower. Ten Public Sector Banks will be amalgamated into four banks from today, 1 April. The government in August 2019 had announced the merger of 10 public sector lenders into four bigger and stronger .

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