Sensex Falls 450 Points Tracking Weak Global Cues; HDFC Bank & ICICI Bank Top Losers

Asian share markets are trading on a mixed note today as global financial shares retraced some of their recent losses, driven in part by higher bond yields, and investors awaited a closely watched Chinese factory activity survey.

The Nikkei is trading lower by 0.7% while the Hang Seng is trading down by 0.2%. The Shanghai Composite is down 0.6%.

In US stock markets, Wall Street indices ended down slightly overnight, with investors selling tech-related growth shares after US Treasury yields hit a 14-month high.

The Dow Jones Industrial Average fell 104 points or 0.3% and the Nasdaq Composite dropped 14 points or 0.1%.

Back home, Indian share markets have opened on a negative note, following the trend on SGX Nifty and amid weak signals from Asian markets.

The BSE Sensex is trading down by 445 points. Meanwhile, the NSE Nifty is trading lower by 116 points.

NTPC is among the top gainers today. HDFC Bank, on the other hand, is among the top losers today.

The BSE Mid Cap index has opened up by 0.1%. The BSE Small Cap index is trading higher by 0.3%.

Sectoral indices are trading on a mixed note with stocks in the FMCG sector witnessing buying interest.

Banking stocks, IT stocks, and finance stocks, on the other hand, are trading in the red.

Shares of APL Apollo Tubes and Prism Johnson hit their 52-week highs today.

The rupee is trading at 73.48 against the US$.

Gold prices are trading down by 0.1% at Rs 43,870 per 10 grams.

The dollar rose to a fresh one-year high versus the yen and traded near multi-month peaks with other rivals as investors bet that massive fiscal stimulus and aggressive vaccinations will help the US lead a global pandemic recovery.

In news from the power sector, NHPC is among the top buzzing stocks today.

NHPC, a Miniratna Power PSU on Tuesday said that the Ministry of Power, Government of India has conveyed the approval of President of India on 30th March 2021, for the investment of Rs 9.4 billion for the acquisition of M/s Jal Power Corporation and construction of balance works of 120 MW Rangit-IV Hydro Electric Project located on river Rangit, in West Sikkim district of Sikkim, by NHPC Limited.

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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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