Sensex Ends 487 Points Lower; Bajaj Auto & Maruti Suzuki Top Losers

After opening the day on a strong note, Indian share markets witnessed huge selling during closing hours and ended their day 1% lower.

Benchmark indices witnessed a sharp selloff across all sectors in the afternoon session with the Sensex declining more than 700 points in intraday deals, while Nifty fell below the 15,000 level.

Investors turned cautious followed the signing of a US$ 1.9 trillion US stimulus bill into law on Thursday and a further dovish tilt from the European Central Bank that had prompted a retreat in bond yields and eased global concerns about rising inflation.

US 10-year Treasury yields rose again today, back above 1.6%, and on track to rise for the seventh straight week.

At the closing bell, the BSE Sensex stood lower by 487 points (down 1%). Meanwhile, the NSE Nifty ended down by 144 points (down 1%).

Power Grid was among the top gainers today. Bajaj Auto and Maruti Suzuki, on the other hand, were among the top losers today.

SGX Nifty was trading at 15,032, down by 170 points, at the time of writing.

The BSE Midcap index ended down by 0.5%. The BSE Smallcap index ended up by 0.1%.

On the sectoral front, automobile stocks, banking stocks, and FMCG stocks were among the hardest hit.

Shares of 3M India and Lakshmi Machine hit their respective 52-week highs today.

SBI share price was in focus today after the lender said it will conduct e-auctions of 12 bad accounts this month to recover dues of over Rs 5.1 billion under sale to asset reconstruction company (ARC) mechanism.

Asian share markets ended on a mixed note today. The Nikkei ended higher by 1.7% while the Hang Seng ended down by 2.2%.

US stock futures are trading lower today indicating a weak opening for Wall Street indices with the Dow Futures trading down by 62 points (down 0.2%).

Gold prices for the latest contract on MCX are trading down by 1.1% at Rs 44,375 per 10 grams.

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Disclosure: Equitymaster Agora Research Private Limited (Research Analyst) bearing Registration No. INH000000537 (hereinafter referred as 'Equitymaster') is an independent equity research ...

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