Indian shares succumbed to heavy selling pressure on Monday as rising commodity prices coupled with a surge in Covid-19 cases in some parts of the country dented hopes of a swifter recovery from the coronavirus pandemic.
Negative global cues played spoilsport as expectations for faster economic growth and inflation battered bonds and boosted commodities.
Benchmark U.S. Treasury yields hit a near one-year high as the reflation trade emerged as a key theme.
The benchmark S&P BSE Sensex slumped 1,145.44 points, or 2.25 percent, to 49,744.32, extending losses for the fifth consecutive trading session amid across the board selling.
The broader NSE Nifty index ended down 306.05 points, or 2.04 percent, at 14,675.70.
Axis Bank, Dr Reddy’s Laboratories, Tech Mahindra, Mahindra & Mahindra and Eicher Motors fell 4-5 percent in the Nifty pack, while Grasim, Tata Steel, Hindalco, JSW Steel and Adani Ports climbed 1-3 percent.
Reliance Industries tumbled 3.9 percent after the Supreme Court stopped regulatory approval for the Future Group’s $3.4 billion asset sale to the company until the top court hears objections from aggrieved partner Amazon.com Inc.
Market Analysis
Sensex Plunges 1,145 Points; Nifty Ends Below 14,700
2021-02-22 10:59:12
