Indian shares fell sharply on Wednesday to extend losses from the previous session as global rating agency Moody’s lowered India’s GDP forecast for the financial year 2021-22 and the country reported a record surge in coronavirus deaths in the past 24 hours, pushing its overall death toll over a quarter million.
Weak cues from Wall Street and Asia on concerns over hike in global interest rates also weighed on sentiment.
The benchmark 30-share BSE Sensex ended the session down 471.01 points, or 0.96 percent, at 48,690.80 while the broader NSE Nifty index dropped 154.25 points, or 1.04 percent, to settle at 14,696.50.
BPCL, IndusInd Bank, JSW Steel, Hindalco and Tata Steel tumbled 3-5 percent in the Nifty pack, while Cipla, Power Grid Corp, Maruti Suzuki India, Titan and Tata Motors rose 1-3 percent.
Godrej Consumer Products shares jumped more than 21 percent. The second wave of the pandemic could be a tailwind for the Hygiene (including Soaps) category and headwind for certain discretionary categories, the company said after reporting a 59 percent jump in Q4 profit.
Siemens rallied 3 percent on posting strong quarterly results, with Q4 consolidated net profit climbing more than 90 percent.
Market Analysis
Sensex, Nifty Tumble As Covid Deaths Rise To A Record
2021-05-12 11:01:21
