<p>Equity benchmark Sensex tumbled 536 points on Friday, led by a selloff in financial and IT stocks as global markets slumped on mounting economic pressure of coronavirus-led lockdowns with no respite in sight.</p>.<p>Further, in a blow to domestic market sentiment, Franklin Templeton Mutual Fund announced winding up of six debt schemes due to redemption pressure and lack of liquidity in bond markets amid the COVID-19 crisis.</p>.<p>Many retail investors and high net worth individuals (HNIs) who invested in these schemes as part of their fixed-income asset allocation will be hit as the money will be blocked with no clear timeline for recoveries, experts said.</p>.<p>The 30-share BSE Sensex settled 535.86 points or 1.68 per cent down at 31,327.22, while the NSE Nifty declined 159.50 points, or 1.71 per cent, to 9,154.40.</p>.<p>Bajaj Finance was the top laggard in the Sensex pack, dropping over 9 per cent, followed by Axis Bank, IndusInd Bank, HDFC, ICICI Bank and M&M.</p>.<p>Reliance Industries, however, capped the losses by rallying over 3 per cent.</p>.<p>Sun Pharma, Hero MotoCorp, L&T, PowerGrid and Bajaj Auto were also among the gainers.</p>.<p>Market went into selloff mode as winding up of a few debt schemes by Franklin Templeton added to the selling pressure witnessed in banks and NBFC stocks, said experts.</p>.<p>According to Sanjeev Zarbade, VP PCG Research, Kotak Securities, markets across the globe remained volatile as the wait for a credible breakthrough in medicine to remedy the COVID-19 pandemic remained elusive.</p>.<p>Weak macroeconomic data in most countries and rout in oil prices also hit investor sentiment, he noted.</p>.<p>Bourses in Shanghai, Hong Kong, Tokyo and Seoul ended with heavy losses, while those in Europe were also trading significantly lower in early deals.</p>.<p>Global oil benchmark Brent crude futures slipped 0.38 per cent to USD 21.25 per barrel.</p>.<p>On the currency front, the rupee depreciated 40 paise to provisionally settle at 76.46 against the US dollar.</p>.<p>The death toll due to the pandemic rose to 718 in India, while the number of cases climbed to 23,077.</p>.<p>Global tally of the infections has crossed 27 lakh, with over 1.90 lakh deaths.</p>
<p>Equity benchmark Sensex tumbled 536 points on Friday, led by a selloff in financial and IT stocks as global markets slumped on mounting economic pressure of coronavirus-led lockdowns with no respite in sight.</p>.<p>Further, in a blow to domestic market sentiment, Franklin Templeton Mutual Fund announced winding up of six debt schemes due to redemption pressure and lack of liquidity in bond markets amid the COVID-19 crisis.</p>.<p>Many retail investors and high net worth individuals (HNIs) who invested in these schemes as part of their fixed-income asset allocation will be hit as the money will be blocked with no clear timeline for recoveries, experts said.</p>.<p>The 30-share BSE Sensex settled 535.86 points or 1.68 per cent down at 31,327.22, while the NSE Nifty declined 159.50 points, or 1.71 per cent, to 9,154.40.</p>.<p>Bajaj Finance was the top laggard in the Sensex pack, dropping over 9 per cent, followed by Axis Bank, IndusInd Bank, HDFC, ICICI Bank and M&M.</p>.<p>Reliance Industries, however, capped the losses by rallying over 3 per cent.</p>.<p>Sun Pharma, Hero MotoCorp, L&T, PowerGrid and Bajaj Auto were also among the gainers.</p>.<p>Market went into selloff mode as winding up of a few debt schemes by Franklin Templeton added to the selling pressure witnessed in banks and NBFC stocks, said experts.</p>.<p>According to Sanjeev Zarbade, VP PCG Research, Kotak Securities, markets across the globe remained volatile as the wait for a credible breakthrough in medicine to remedy the COVID-19 pandemic remained elusive.</p>.<p>Weak macroeconomic data in most countries and rout in oil prices also hit investor sentiment, he noted.</p>.<p>Bourses in Shanghai, Hong Kong, Tokyo and Seoul ended with heavy losses, while those in Europe were also trading significantly lower in early deals.</p>.<p>Global oil benchmark Brent crude futures slipped 0.38 per cent to USD 21.25 per barrel.</p>.<p>On the currency front, the rupee depreciated 40 paise to provisionally settle at 76.46 against the US dollar.</p>.<p>The death toll due to the pandemic rose to 718 in India, while the number of cases climbed to 23,077.</p>.<p>Global tally of the infections has crossed 27 lakh, with over 1.90 lakh deaths.</p>