ANI
22 Feb 2021, 21:37 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 Sydney Sun 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 Sydney Sun.
More InformationNEW YORK, New York - U.S. stocks made a solid comeback on Monday, following last week's puncturing losses.All the major ...
WASHINGTON DC: A group of eight bipartisan governors from U.S. auto states has written to U.S. President Joe Biden asking ...
NEW YORK, New York: Oil prices took a beating on Friday, as the U.S. dollar strengthened, while the crude supply ...
SYDNEY, NSW, Australia - Stocks in Asia were sharply higher on Monday, while profit-taking trimmed recent gains in the U.S. ...
FREMONT, California: After a two-day shutdown due to parts shortages, Tesla's Fremont, California plant reopened on Wednesday, Chief Executive Officer ...
WASHINGTON, DC: Joining other major U.S. retailers who have announced a hike in minimum wage for employees, Costco has said ...
FRESNO COUNTY, California: There is new hope for those anxiously awaiting the coronavirus vaccine, as thousands of doses of the ...
A California healthcare provider is no longer receiving supplies of COVID vaccinations after their staff members allegedly allowed ineligible people ...
Rocked by another horrific scandal, the Coalition Government has again attempted to avoid confronting the issue of an alleged rape ...
The February meeting of NATO (North Atlantic Treaty Organization) Defense Ministers, the first since President Biden took power, revealed an ...
WASHINGTON, DC - Following two deadly crashes involving Boeing's 737 jets, a US government watchdog has asked the Federal Aviation ...
WASHINGTON, DC: While 11.3 percent of white Americans and 10.5 percent of Asian-Americans have received Covid vaccinations, only 4.6 percent ...