Indian shares fell sharply in early trade on Monday as traders returned to their desks after a long holiday weekend.
Underlying sentiment was hit by inflation worries and a mixed bag of earnings results from HDFC Bank and Infosys.
The benchmark S&P BSE Sensex plunged 1,030 points, or 1.8 percent, to 57,308 while the broader NSE Nifty index was down 272 points, or 1.6 percent, at 17,204.
HDFC Bank shares tumbled 3 percent while those of Infosys slumped 7 percent.
HCL Technologies, TCS, Wipro, HDFC and Tech Mahindra lost 3-5 percent.
Tata Steel rose over 2 percent on stock split news.
ICICI Pru Life jumped 4 percent after its Q4 profit jumped three-fold.
Zomato dropped 1.2 percent. The food aggregator has deferred a plan to ban eateries over customer complaints on food quality by a month.
Coal India advanced 1.7 percent on news the company will launch its own e-auction platform.
UltraTech Cement fell 1.2 percent. Its UAE subsidiary, UltraTech Cement Middle East Investments, has picked up a 29.39 percent stake in RAK Cement Company for White Cement and Construction Materials PSC (RAKWCT).
Alkem Laboratories rose about 1 percent. Its Taloja unit has received “Form 483” after inspection by the U.S. health regulator.
Market Analysis
Sensex, Nifty Plunge As IT Stocks Bleed
2022-04-18 04:40:05
