Indian shares fell sharply on Thursday to snap a three-day rally, with metal companies and financials leading the fall.
Weak global cues, surging oil prices and the recent rise in Covid-19 cases in many states dampened investor sentiment.
The benchmark S&P BSE Sensex slumped 598.57 points, or 1.16 percent, to 50,846.08 as rising yields on benchmark U.S. Treasury bonds fanned worries about inflation and the economic outlook.
The broader NSE Nifty index ended down 164.85 points, or 1.08 percent, at 15,080.75.
Tata Motors, Tata Steel, Hindalco, HDFC and JSW Steel lost 2-3 percent while Grasim, Shree Cement, Adani Ports and UltraTech rallied 3-4 percent.
Global investment bank Julius Baer upgraded India to ‘overweight’, and said it is looking for 9 percent GDP growth this year, followed by 7 percent next year.
We look for earnings per share to grow on average over 25 percent over the next three years and therefore it would be unprecedented for the stock market to fall in an environment of such strong growth, Mark Matthews, an analyst at the firm, said.
Indian Shares Succumb To Global Selloff
2021-03-04 11:08:57
