Sensex dips 341 points on profit booking, metals and financials hit

Equity benchmark indices traded in a narrow band and closed over half a per cent lower on Tuesday tracking weak global cues amid inflation fears.

Besides, experts said the market sentiment faced headwinds as infections and deaths surge due to Covid-19 amid reports of vaccine shortages, with investors guessing how long states will have to remain under localised shutdowns.

At the closing bell, the BSE S&P Sensex was down by 341 points or 0.69 per cent lower at 49,162 while the Nifty 50 slipped by 92 points or 0.61 per cent to 14,851.

Except for Nifty auto and realty, all sectoral indices at the National Stock Exchange were in the red with Nifty financial service cracking by 1.3 per cent, private bank by 0.9 per cent and metal by 0.8 per cent.

Among stocks, JSW Steel fell by 3.9 per cent to Rs 733 per share while Hindalco dropped by 3 per cent to Rs 413.

Kotak Mahindra Bank lost by 2.9 per cent, HDFC Bank by 1.2 per cent, Bajaj Finserv and Bajaj Finance by 1.4 per cent each, HDFC by 2.8 per cent and HDFC Life by 1.3 per cent.

However, Coal India was up by 5.8 per cent to close at Rs 155.65 per share. the other prominent winners were power utility NTPC, IndianOil Corporation, Bharat Petroleum Corporation, ONGC, Power Grid Corporation and Sun Pharma.

Meanwhile, Asian stocks tumbled after a selloff on Wall Street amid worries growing price pressures might bring forward rate rises.

Japan's Nikkei tumbled 3.08 per cent on tech sell-off and pandemic woes. Hong Kong's Hang Seng retreated by 2.03 per cent and South Korea's Kospi was down 1.23 per cent.

( With inputs from ANI )