Sensex Slumps 1,400 Points, Nifty Cracks Below 14,400; IndusInd Bank & SBI Fall 8%

Asian stock markets are trading on a cautious note today as investors wait to see if US earnings can justify sky-high valuations.

The Nikkei is trading down by 0.5% while the Hang Seng is down 1.1%. The Shanghai Composite is trading lower by 0.8%.

In US stock markets, Wall Street indices climbed to another record on Friday as investors shrugged off concerns over inflation and focused on prospects for an economic rebound.

A modest sell-off of US Treasuries, triggered by concerns over higher-than-expected readings on the US and Chinese producer prices, faded by late afternoon, as the yield on the 10-year note finished at 1.67%.

The S&P 500 closed above 4,100 and posted its third-straight weekly rally - the longest winning streak since October.

The Nasdaq Composite gained 0.5%, while the Dow Jones Industrial Average added 0.9%, a record of its own.

Back home, Indian share markets have opened deep in the red, following the trend on SGX Nifty. Benchmark indices tanked over 2.5% on record Covid-19 cases and worries of another lockdown.

Tata Consultancy Services (TCS), HDIL, and Lloyds Metals and Energy are scheduled to announce their quarterly earnings today.

The BSE Sensex is trading down by 1,395 points. Meanwhile, the NSE Nifty is trading lower by 431 points.

Infosys is among the top gainers today. IndusInd Bank, on the other hand, is among the top losers today.

The BSE Mid Cap index slumped 3.5%. The BSE Small Cap index is trading lower by 3.2%.

Barring IT stocks, all sectoral indices are trading on a negative note with stocks in the realty sector, power sector, and banking sector witnessing most of the selling pressure.

Shares of Metropolis Healthcare and Cipla hit their 52-week highs today.

The rupee is trading at 74.92 against the US$.

In news from the commodity space, gold prices fell today as data showing very strong readings for US inflation and a faster economic rebound bolstered Treasury yields, weighing on the safe-haven metal.

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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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