Weak global signals, concerns about India-China tensions and unwanted news on the Covid front dragged Indian equity markets down one percent on Wednesday.
The S&P BSE Sensex fell 258 points to 38,110 levels and the Nifty50 index dropped the 11,250 mark. ONGC and Tata Steel (both down 3%) were Sensex’s main laggards.
Meanwhile, AstraZeneca Pharma fell 12% after the company “voluntarily stopped” a randomized clinical trial of its coronavirus vaccine in what it called a routine action after a volunteer developed an unexplained illness.
Shares of IRCTC also fell 4 percent in the first deals after the company said the government plans to sell 15 to 20 percent of the shares through an offer to sell (OFS) and would like to complete the transaction in a minimum number of tranches.
The trend among the Nifty industry indices was predominantly negative, led by the Nifty Metal index, down 3 percent.
A total of 45 companies, including Indiabulls Ventures and Eveready Industries, are scheduled to announce their June quarter earnings today.
Mobile IPO route
Route Mobile’s IPO opens today for public subscription. The cloud communications service provider is proposing to raise 600 million rupees through the IPO. A price band of 345 to 350 rupees each per share has been set for the IPO which will end on September 11. READ MORE
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