Indian shares fell on Friday to extend losses for the sixth day as investors fretted over a continued surge in bond yields.
The benchmark BSE Sensex dropped 330 points, or 0.7 percent, to 48,886 in early trade, while the broader NSE Nifty index was down 115 points, or 0.8 percent, at 14,443.
Future Retail shares plunged 10 percent as the Delhi High Court upheld the Singapore International Arbitration Centre’s order restraining the company from going ahead with its Rs. 24,713 crore deal with Reliance Retail to sell its business. Shares of Reliance Industries were down 0.6 percent.
IT stocks were drifting lower despite Accenture raising its operating margin guidance for FY21.
GAIL India lost 3 percent after signing Concession Agreement with Ranchi Municipal Corporation for setting up Compressed Biogas Plant in Ranchi.
Maruti Suzuki and Tata Motors were down 2-3 percent after the government announced vehicle scrappage policy.
Bharti Airtel edged up slightly. TPG-owned The Rise Fund is investing $200 million in Airtel Mobile Commerce (AMC) BV, the mobile money business of the telecom major’s Africa unit.
Adani Green Energy fell nearly 3 percent on fund raising reports.
Godrej Industries declined 1.4 percent. ICRA has assigned ‘AA’ rating to the company’s proposed issue of non-convertible debentures of up to Rs 1,500 crore.
Market Analysis
Sensex, Nifty Extend Losses As Bond Yields Spike
2021-03-19 04:28:42
