Equity benchmark Sensex tumbled over 600 points in the opening trade on Monday, tracking losses in financial stocks amid foreign fund outflows.
The 30-share BSE index traded 630.51 points or 1.24 per cent lower at 50,161.57, and the broader NSE Nifty traded 184.15 points or 1.23 per cent down at 14,846.80, during the early hours on Monday.
SBI was the top loser in the Sensex pack, shedding around 2 per cent, followed by M&M, Dr Reddy’s Lab, Bajaj Auto, Axis Bank, Bajaj Finance and Kotak Bank. Tech Mahindra and PowerGrid were the gainers.
In the previous session on Friday, the Sensex had ended 487.43 points or 0.95 per cent lower at 50,792.08, and Nifty tanked 143.85 points or 0.95 per cent to end at 15,030.95. Foreign institutional investors (FIIs) were net sellers in the capital market as they sold shares worth Rs 942.60 crore.
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According to Binod Modi, Strategy Head at Reliance Securities, a sharp increase in CPI print for February and unexpected contraction in IIP data for January are expected to weigh on investors’ sentiments.
Sharp increase in US treasury yields and recent spike in fresh Covid-19 cases in various parts of the country are likely to keep markets volatile in the near term, he said.
Bourses in Shanghai and Seoul were in the red, while Hong Kong and Tokyo were trading on a positive note in mid-session deals.
The global oil benchmark Brent crude was trading 0.74 per cent higher at $69.73 per barrel at the time of filing this story.
