Market benchmark Sensex staged a smart recovery from the day’s low to end with marginal losses on May 3 amid a negative trend in global equities.<\/p>\n
After plunging over 750 points in early trade, the 30-share BSE index made a U-turn to finish 63.84 points or 0.13% lower at 48,718.52.<\/p>\n
In similar movement, the broader NSE Nifty closed 3.05 points or 0.02% higher at 14,634.15.<\/p>\n
Titan was the top loser in the Sensex pack, shedding over 4%, followed by IndusInd Bank, Reliance Industries, Axis Bank, Kotak Bank, ONGC, ITC and ICICI Bank.<\/p>\n
On the other hand, Bharti Airtel, HUL, Maruti, Bajaj Finance, Asian Paints and NTPC were among the gainers.<\/p>\n
"Domestic equities recovered sharply from day’s low despite weak global cues. While growing uncertainties about collection efficiency and asset quality of banks\/NBFCs dragged heavy weight financials, strong buying in FMCG and Metals supported recovery in markets," said Binod Modi, Head Strategy at Reliance Securities.<\/p>\n
While persistent rise in second wave of COVID-19 cases has weighed on investors\u2019 sentiments, steady corporate earnings with positive managements\u2019 commentaries offered support to markets, he noted.<\/p>\n
Active COVID-19 cases in India rose to 34,13,642 against 33,49,644 on May 2, according to a Health Ministry update May 3 morning.<\/p>\n
Elsewhere in Asia, bourses in Hong Kong and Seoul ended on a negative note. Stock exchanges in Shanghai and Tokyo were closed for holidays.<\/p>\n
European markets were largely trading with losses in mid-session deals.<\/p>\n
Meanwhile, international oil benchmark Brent crude was trading 0.63% lower at $66.34 per barrel.<\/p>\n