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Closing bell: Sensex tanks over 650 points, Nifty ends near 10,600; Banks, metals drag

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Indian benchmark indices, Sensex and Nifty, ended lower on Tuesday on weak global cues as rising coronavirus cases weighed on investor sentiment.

Closing bell: Sensex tanks over 650 points, Nifty ends near 10,600; Banks, metals drag
Indian benchmark indices, Sensex and Nifty, ended lower on Tuesday on weak global cues as rising coronavirus cases weighed on investor sentiment.
The Sensex ended 660.63 points or 1.80 percent lower at 36,033.06 while the Nifty lost 195.35 points or 1.81 percent to settle at 10,607.35.
Broader markets ended in the red as well with the Nifty Midcap and Nifty smallcap indices down over 1 percent each.
Fall in banking heavyweights such as IndusInd Bank, Axis Bank, HDFC and SBI dragged Bank Nifty 3.1 percent lower.
Barring Pharma, all other Nifty sectoral indices witnessed selling with Nifty Private Bank falling the most over 3 percent followed by Nifty Auto, Nifty Metals, Nifty IT and Nifty FMCG.
IndusInd Bank, Axis Bank, Eicher Motors, ZEEL and Adani Ports & SEZ led the decline among Nifty50 constituents while Dr Reddy's Laboratories, Titan Company and Bharti Airtel were the only index gainers.
Globally,  stocks slipped on Tuesday, oil sagged and a safety bid supported the dollar as simmering Sino-US tensions and new coronavirus restrictions in California kept a lid on investor optimism with earnings season getting underway, Reuters reported.
MSCI's All-Country World Index edged down 0.4 percent, after touching a 20-week high on Monday.
Shares of IT firm Mindtree ended over 3 percent lower after its Q1F21 revenue saw a steep decline. The company’s revenue during the first quarter of fiscal 2021 dopped 6.9 percent to Rs 1,908.8 crore from Rs 2,050.5 crore, QoQ. Revenue in dollar terms fell 9 percent to $253.2 million. CNBC-TV18 poll had estimated revenue at $256.5 million.
However, the company reported a 3.3 percent sequential rise in net profit to Rs 213 crore for the quarter ended June 2020. The company's net profit in the previous quarter was Rs 206.2 crore. CNBC-TV18 poll had estimated profit at Rs 195 crore.
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