Indian shares fell for a third straight session on Thursday amid weak global cues and relentless selling by FIIs on bets that the U.S. Federal Reserve will raise interest rates sooner than expected.
Concerns over rising Covid-19 cases in parts of Europe and Paytm’s tepid market debut also dented investor sentiment.
The benchmark 30-share S&P BSE Sensex dropped 372.32 points, or 0.62 percent, to 59,636.01, while the broader NSE Nifty index ended down 133.85 points, or 0.75 percent, at 17,764.80.
Larsen & Toubro, HCL Technologies, Tech Mahindra, Tata Motors and Mahindra & Mahindra fell 3-4 percent while state-run lender SBI topped the gainers list to end 1 percent higher.
Escorts jumped over 10 percent after Japanese major Kubota Corporation announced that it will increase its shareholding and invest up to Rs 9,400 crore to become the majority stakeholder in India’s fourth-largest tractor maker.
Shares of Paytm operator One 97 Communications ended down as much as 20 percent at Rs. 1,560 on the NSE in a weak stock market debut. The scrip’s closing price represents a decline of more than 27 percent from its initial public offering price of Rs. 2,150 a share.
In another stock market debut, shares of Sapphire Foods India, which operates KFC and Pizza Hut, made a strong debut at the exchanges.
Market Analysis
Sensex, Nifty End Lower For Third Day
2021-11-18 10:56:23
