ANI
22 Feb 2021, 17:07 GMT+10
Mumbai (Maharashtra) [India], February 22 (ANI): Bears were on rampage at the bourses with frontline benchmark indices collapsing on Monday as traders resorted to heavy selling in auto, IT and public sector bank stocks.
Market experts said the rise in fuel prices across international markets followed by its reverberations in domestic markets along with higher inflation expectations dampened the investor sentiment.
Uptick in Covid-19 infections across Maharashtra and Kerala also led to profit booking by traders on a day of volatality.
The BSE SP Sensex closed 1,145 points or 2.25 per cent down at 49,744 while the Nifty 50 edged lower by 306 points or 2.04 per cent to 14,676.
Except for Nifty metal, which moved up by 1.6 per cent, all other sectoral indices at the National Stock Exchange were in the red with Nifty IT and realty down by 2.8 per cent each, PSU bank by 2.6 per cent, pharma by 2.5 per cent and auto by 2.2 per cent.
Among stocks, Eicher Motors crashed by 5 per cent to Rs 2,453 per share while MahindraMahindra sank by 4.7 per cent to Rs 837.90. Maruti Suzuki skidded by 3.3 per cent to close at Rs 7,087.15 per share.
Tech Mahindra lost by 4.6 per cent, Dr Reddy's by 4.4 per cent, Axis Bank by 4 per cent, IndusInd Bank by 3.9 per cent and SBI Life by 3.8 per cent. Index heavyweight Reliance Industries dipped by 3.8 per cent and wound up the day at Rs 2,000.10 per share.
However, metal stocks gained substantially with JSW Steel up by 2.3 per cent, Hindalco by 2 per cent and Tata Steel by 1.4 per cent. Besides, Adani Ports, ONGC, HDFC Bank, Britannia, Hero MotoCorp and Asian Paints traded higher.
Meanwhile, Asian share markets inched up as expectations for faster economic growth and inflation globally boosted commodities.
Japan's Nikkei recouped by 0.46 per cent but Hong Kong's Hang Seng index fell by 1.06 per cent on policy tightening fears. (ANI)Get a daily dose of Japan Herald news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Japan Herald.
More InformationTAIPEI, Taiwan: Taiwan's leadership was on high alert ahead of the U.S. tariff announcement, with President Lai Ching-te convening...
TOKYO, Japan: Toyota is showing signs of a steady rebound in its home market, posting a second straight month of rising global output...
ANDONG, South Korea: Wildfires in South Korea have doubled in size in just one day, making them the country's worst fire disaster....
MELBOURNE, Victoria - If a federal election were held today, the Australian Labor Party (ALP) would be re-elected with an increased...
BEIJING, April 4 (Xinhua) -- China's General Administration of Customs (GAC) said on Friday that it has decided to suspend the exports...
Beijing [China], April 4 (ANI): China has announced it will impose reciprocal 34 per cent tariffs on all imports from the US from April...
WASHINGTON/LOS ANGELES: The U.S. government is intensifying scrutiny of corporate diversity policies, with Disney and ABC now under...
HARRISBURG, Pennsylvania: New, cheaper nuclear power is on the way, and U.S. states are competing to build and supply the next generation...
TAIPEI, Taiwan: Taiwan's leadership was on high alert ahead of the U.S. tariff announcement, with President Lai Ching-te convening...
WASHINGTON, D.C.: Gold surged past US$3,100 an ounce on March 31, extending a record-breaking rally fueled by global uncertainty and...
NEW YORK, New York - U.S. stock markets plunged on Thursday in reaction to major trade tariffs announced by U.S. President Donald Trump....
ENGLEWOOD, Colorado: Boeing's high-stakes auction of its navigation unit Jeppesen has entered its final stages, drawing intense interest...