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Share Market LIVE: Sensex ends below 29k, slips 1,200 points, Nifty below 8,300; pvt bank, IT stocks worst hit

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Sensex. Nifty

Share Market News Today | Sensex, Nifty, Share Prices LIVE: Domestic equity market benchmarks Sensex and Nifty ended over 4 per cent lower on the first day of the financial year 2020-21, due to heavy sell-off in private bank and IT stocks. S&P BSE Sensex settled at  28,265, down 1,203 points or 4.08 per cent, while the broader Nifty 50 index ended at 8264, down 334 points or 3.89 per cent. As many as 26 stocks out of 30 Sensex stocks finished trade in deep sea of red, with Tech Mahindra and Kotak Mahindra Bank as top losers, down 9.21 per cent and 8.81 per cent, respectively, followed by TCS and Infosys. On the flip side, Hero MotoCorp, Bajaj-Auto, Bajaj Finance and Titan were the only gainers on Sensex. All the sectoral indices settled lower in Wednesday's trade. Nifty IT index was down 5.48 per cent weighed by Tech Mahindra, Mind Tree and TCS. Similarly, Nifty Bank index dropped 4.92 per cent dragged by Kotak Mahindra Bank, Axis Bank and PNB.

Meeting the schedule for the amalgamation, the merger scheme for all the 10 public sector lenders into four bigger and stronger banks will come into force on April 1. The country's central bank, the Reserve Bank of India, on Saturday said all branches of Oriental Bank of Commerce and United Bank of India will function as branches of Punjab National Bank, the anchor bank, from April 1. Similarly, all branches of Allahabad Bank will function as branches of Indian Bank from that day, while all branches of Andhra Bank and Corporation Bank will function as branches of Union Bank of India from April 1