Indian shares ended deep in the red on Wednesday as investors remained wary of spikes in coronavirus cases in major economies, including Germany, France and Italy.
Closer home, the Ministry of Health and Family Welfare has said that all the three new coronavirus variants – U.K., Brazilian and South African — that have wreaked havoc in several countries have been detected in India and were spread out in 18 states.
The benchmark 30-share BSE Sensex crashed 871.13 points, or 1.74 percent, to 49,180.31, while the broader NSE Nifty index ended down 265.35 points, or 1.79 percent, at 14,549.40 ahead of futures and options (F&O) monthly expiry.
Metal stocks were among the worst hit on renewed concerns over the global economic recovery outlook.
Banks followed suit after posting broad-based gains the previous day on the eve of Supreme Court verdict on loan moratorium.
Mahindra & Mahindra, Hindalco, Adani Ports, Tata Motors and Tata Steel fell 4-5 percent in the Nifty pack, while Power Grid Corp, Asian Paints and Cipla rose 1-2 percent.
Adani Green Energy ended 1.3 percent lower, giving up early gains after the company said it has signed a share purchase agreement for the acquisition of 100 percent stake in two SPVs.
BPCL, HPCL and IOC lost 1-2 percent as the state-owned fuel retailers cut fuel prices for the first time in over a year.
Petrol price was cut by 18 paise per litre and diesel by 17 paise a litre as international oil prices tumbled to the lowest since early February.
Banks SBI, ICICI Bank and Axis Bank fell around 3 percent.
Market Analysis
Sensex Tanks 871 Points; Nifty Dips Below 14,600
2021-03-24 10:30:21
