Sensex slips 599 points as metal, financial stocks plunge; Nifty settles below 15,100


2021-03-04 10:12:54

NEW DELHI: Equity indices plunged on Thursday after rising for three straight sessions dragged down by losses in metal and financial stocks.
The benchmark BSE sensex dived 599 points or 1.16 per cent to close at 50,846; while broader NSE Nifty moved 165 points or 1.08 per cent lower to settle at 15,081.
Major laggards in the BSE pack included HDFC, Bajaj Finance, L&T, Axis Bank, HDFC Bank, SBI and ICICI Bank with their stocks falling as much as 2.55 per cent.
On the NSE platform, except for Nifty Media and Nifty Realty, all other sub-indices finished in red with Nifty Metal and Nifty Financial Services down as much as 2.01 per cent.
Investor sentiment turned weak amid meltdown in global shares due to surge in bond yields overseas.
“Markets have rallied quite a bit and some corrections, as seen in the past week, amid rising US bond yields are normal in the course of bull markets,” Narendra Solanki, head of equity research (fundamental) at Anand Rathi Investment Services, told news agency Reuters.
“Bond yields are now exerting a major influence on stock prices, globally. After spiking to 1.6 per cent on February 25, the US 10-year yield fell to 1.4 per cent and yesterday it has again risen to 1.48 per cent impacting equity markets,” V K Vijayakumar, chief investment strategist at Geojit Financial Services, told PTI.
Meanwhile, foreign investors had bought equities worth Rs 2,088.70 crore on a net basis in Indian capital markets on Wednesday, according to exchange data.
(With inputs from agencies)



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