Indian shares ended Tuesday’s session sharply lower, with banking stocks and heavyweight Reliance Industries pacing the declines after a RBI report said that equity market valuations seem stretched by most conventional yardsticks.
The spectacular gains so far this year have raised concerns over overstretched valuations with a number of global financial service firms turning cautious on Indian equities, said the RBI’s latest monthly bulletin authored by its economists.
The benchmark 30-share S&P BSE Sensex ended the session down 396.34 points, or 0.65 percent, at 60,322.37, while the broader NSE Nifty index dropped 110.25 points, or 0.61 percent, to settle at 17,999.20.
Tata Consumer Products, SBI, Hindalco, Reliance Industries and Shree Cement fell 2-3 percent in the Nifty pack.
Automakers were in favor, with Maruti Suzuki India shares surging as much as 7.3 percent after reports that concerns regarding shortage of semiconductors may be resolved soon.
Hero MotoCorp, Tata Motors and Mahindra & Mahindra rallied 2-3 percent.
Sensex Drops 396 Points; Nifty Dips Below 18,000
2021-11-16 10:59:11
