Sensex tanks 487 points; Nifty slips below 15,100

Bajaj Auto was the top loser in the Sensex pack.

March 12, 2021 04:09 pm | Updated 04:09 pm IST - Mumbai

Snapping its three-session rising streak, equity benchmark Sensex tumbled 487 points on Friday, tracking losses in financial and auto stocks.

After gyrating 1,283 points during the day, the 30-share BSE index ended 487.43 points or 0.95 % lower at 50,792.08.

The broader NSE Nifty tanked 143.85 points or 0.95 % to end at 15,030.95.

Bajaj Auto was the top loser in the Sensex pack, falling around 3 %, followed by Maruti, ICICI Bank, Sun Pharma and Reliance Industries.

On the other hand, PowerGrid, ONGC, Titan and Infosys were the gainers.

According to Binod Modi, Head - Strategy at Reliance Securities, after seeing a brisk opening on favourable global cues, domestic equities fell sharply mainly led by selling pressure in financials and auto stocks.

"10-Year US treasury yield again surged back to 1.6 % on anticipation of spike in inflation led by $ 1.9 trillion fiscal stimulus backed faster economic recovery. This has weighed on investor sentiments," he said.

Hardening bond yields and soaring oil prices are also expected to weigh on investor sentiment and may keep markets volatile in the near to medium term, he added.

Elsewhere in Asia, bourses in Shanghai, Seoul and Tokyo ended on a positive note, while Hong Kong was in the red.

Stock exchanges in Europe were also trading in losses in mid-session deals.

Meanwhile, the global oil benchmark Brent crude was trading 0.09 % lower at $ 69.57 per barrel.

0 / 0
Sign in to unlock member-only benefits!
  • Access 10 free stories every month
  • Save stories to read later
  • Access to comment on every story
  • Sign-up/manage your newsletter subscriptions with a single click
  • Get notified by email for early access to discounts & offers on our products
Sign in

Comments

Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.

We have migrated to a new commenting platform. If you are already a registered user of The Hindu and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.