Indian shares gave up early gains to end sharply lower on Friday amid selling across the board.
Sentiment soured as the benchmark 10-year U.S. Treasury yields hit 1.6 percent once again after the release of better-than-expected jobless claims data and the passage of a massive fiscal stimulus.
Rising Covid-19 infections across the country and climbing oil prices also weighed on markets. Crude prices eased somewhat today, but held near recent highs on optimism about a recovery in demand.
The benchmark S&P BSE Sensex hit as high as 51,821.84 earlier in the day before reversing direction to end the session down 487.43 points, or 0.95 percent, at 50,792.08.
The broader Nifty index hit an intraday high of 15,336.30 before settling at 15,030.95, down 143.85 points, or 0.95 percent, from its previous close.
Hindalco, SBI Life, HDFC Life, Adani Ports and Bajaj Auto all fell around 3 percent while JSW Steel, Power Grid Corp, IOC and BPCL rose 1-3 percent.
IDBI Bank surged almost 10 percent after it finally managed to get out of the Reserve Bank of India’s (RBI’s) watchlist for troubled banks.
Market Analysis
Sensex Ends 487 Points Lower; Nifty Drops Below 15,050
2021-03-12 10:58:27
