Indian shares fell sharply in early trade on Monday as U.S. bond yields continued to hover near their 13-month peak amid bets that U.S. economic growth will accelerate after the passing of a massive stimulus package.
Disappointing industrial output and retail inflation data released on Friday also weighed on markets.
The benchmark S&P BSE Sensex slumped 565 points, or 1.1 percent, to 50,226 in early trade, while the broader NSE Nifty index was down 180 points, or 1.2 percent, at 14,850.
Axis Bank fell over 2 percent. The private sector bank has signed a pact with Fettle Tone LLP and its partners for acquiring a 9.90 percent stake in Fettle Tone LLP’s partnership capital.
Yes Bank lost 2.2 percent after the RBI rejected its proposal to set up an asset reconstruction company.
Sun Pharma, Dr Reddy’s Laboratories and Aurobindo Pharma gave up 1-2 percent after announcing product recalls in the U.S. market for various reasons.
Automakers were also moving lower despite reports that the government will announce special Production-Linked Incentive (PLI) benefits for sourcing for the auto sector.
Tata Communications advanced 1.8 percent as the government proposed to sell its entire 26.12 percent stake in the telecom company.
Market Analysis
Sensex, Nifty Down Over 1 Percent In Early Trade
2021-03-15 04:30:30
