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Sensex cracks by 1,145 points, PSU banks and IT worst hit

Bears were on rampage at the bourses with frontline benchmark indices collapsing on Monday as traders resorted to heavy selling in auto, IT and public sector bank stocks.
Sensex cracks by 1,145 points, PSU banks and IT worst hit

Bears were on rampage at the bourses with frontline benchmark indices collapsing on Monday as traders resorted to heavy selling in auto, IT and public sector bank stocks.

Market experts said the rise in fuel prices across international markets followed by its reverberations in domestic markets along with higher inflation expectations dampened the investor sentiment.

Uptick in Covid-19 infections across Maharashtra and Kerala also led to profit booking by traders on a day of volatality.

The BSE S&P Sensex closed 1,145 points or 2.25 per cent down at 49,744 while the Nifty 50 edged lower by 306 points or 2.04 per cent to 14,676.

Except for Nifty metal, which moved up by 1.6 per cent, all other sectoral indices at the National Stock Exchange were in the red with Nifty IT and realty down by 2.8 per cent each, PSU bank by 2.6 per cent, pharma by 2.5 per cent and auto by 2.2 per cent.

Among stocks, Eicher Motors crashed by 5 per cent to Rs 2,453 per share while Mahindra & Mahindra sank by 4.7 per cent to Rs 837.90. Maruti Suzuki skidded by 3.3 per cent to close at Rs 7,087.15 per share.

Tech Mahindra lost by 4.6 per cent, Dr Reddy's by 4.4 per cent, Axis Bank by 4 per cent, IndusInd Bank by 3.9 per cent and SBI Life by 3.8 per cent. Index heavyweight Reliance Industries dipped by 3.8 per cent and wound up the day at Rs 2,000.10 per share.

However, metal stocks gained substantially with JSW Steel up by 2.3 per cent, Hindalco by 2 per cent and Tata Steel by 1.4 per cent. Besides, Ad Ports, ONGC, HDFC Bank, Britannia, Hero MotoCorp and Asian Paints traded higher.

Meanwhile, Asian share markets inched up as expectations for faster economic growth and inflation globally boosted commodities.

Japan's Nikkei recouped by 0.46 per cent but Hong Kong's Hang Seng index fell by 1.06 per cent on policy tightening fears.

( With inputs from ANI )

Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor

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