Sensex tanks 627 points as banking, financial stocks plunge; Nifty ends at 14,691

2021-03-31 10:18:53

NEW DELHI: Equity indices plunged on Wednesday with the benchmark BSE sensex falling over 600 points, dragged by losses in banking and financial stocks.
The 30-share BSE index fell 627 points or 1.25 per cent to close at 49,509; while the broader NSE Nifty settled 154 points or 1.04 per cent lower at 14,691.
HDFC twins were the top laggards in the sensex pack falling up to 4.06 per cent, followed by PowerGrid, Tech Mahindra, ICICI Bank and ONGC.
While ITC, Bajaj Finserv, HUL, SBI and TCS were the top gainers rising up to 1.82 per cent.
On the NSE platform, sub-indices Nifty Financial Services, Bank and IT fell up to 2.01 per cent.
According to analysts high volatility in stocks was witnessed due to several portfolio reallocations, with Wednesday being the last trading day of the financial year.
Financials, especially private banks, witnessed heavy profit booking, which along with selling pressure in IT stocks dragged benchmarks. However, investors continue to lap up FMCG, metals and pharma names.
“Domestic equities do not look to be good at the moment. The recent announcements of night curfews by various state governments and indication of lockdown by Maharashtra authorities certainly do not augur well for equities,” Binod Modi, Head – Strategy at Reliance Securities told news agency PTI.
US equities ended lower as concerns of rising bond yields and higher inflation once again weighed on investors’ sentiments, he added.
The 10-year US Treasury yield rose to 1.776 per cent on Tuesday, its highest since January 2020.
Elsewhere in Asia, bourses in Shanghai, Hong Kong, Seoul and Tokyo ended in the red.
Meanwhile, foreign institutional investors (FIIs) were net buyers in the capital market as they purchased shares worth Rs 769.47 crore on Tuesday, as per exchange data.
(With inputs from agencies)

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