Indian shares opened lower on Thursday, with concerns over climbing Covid-19 cases in the country and caution ahead of the expiry of March series derivative contracts on the NSE weighing on markets.
The benchmark S&P BSE Sensex plunged 460 points, or 0.9 percent, to 48,720 in early trade, while the broader NSE Nifty index was down 130 points, or 0.9 percent, at 14,420.
Banks and automakers led losses, with Maruti Suzuki India, Tata Motors, IndusInd Bank, Kotak Mahindra Bank and Eicher Motors falling 1-2 percent.
NBCC fell 2 percent after the Supreme Court refused to approve the resolution plan of the state-owned company for the debt-ridden Jaypee Infratech. Shares of the latter dropped 3 percent.
ABB India declined 1.6 percent. The company has achieved a key milestone in delivering solar plant automation solutions across India.
TVS Motor Company was down 1.7 percent. The company named former Jaguar Land Rover chief executive Ralf Speth as director.
Emami was down 0.7 percent after it infused Rs. 50 lakh in Brillare Science Pvt Ltd by subscribing to compulsorily convertible preference shares.
Jubilant Foodworks climbed 1.2 percent after it entered into an exclusive master franchise and development agreement with PLK APAC Pte Ltd to sub-license the ‘Popeyes’ brand and operate Popeyes restaurants in India, Bangladesh, Nepal, and Bhutan in the coming years.
Kirloskar Ferrous Industries jumped nearly 3 percent after it has been declared the ‘Preferred Bidder’ in the auction of Bharath Mines & Minerals.
Market Analysis
Sensex Down 460 Points; Nifty Slips Below 14,450
2021-03-25 04:23:16
