Indian shares suffered heavy losses on Friday, with weak global cues and a sudden increase in Covid-19 cases in a few Indian states playing spoilsport.
Equity markets opened gap down and weakened further as the session progressed amid concerns over a surge in U.S. bond yields.
Markets were hedging the risk of an earlier rate hike from the Federal Reserve, despite officials signaling earlier in the week that they don’t expect to raise interest rates.
Stronger-than-expected U.S. economic data released overnight also added to the fears that the Fed could withdraw stimulus sooner than anticipated.
The benchmark S&P BSE Sensex ended the session down as much as 1,939.32 points, or 3.80 percent, at 49,099.99, while the broader NSE Nifty index slumped 568.20 points, or 3.76 percent, to 14,529.15.
Selling was seen across the board, with banks, metals, pharma and auto stocks pacing the decliners.
Hero MotoCorp, JSW Steel, Power Grid Corp, Mahindra & Mahindra and ONGC all fell over 6 percent. There were no gainers in the Nifty50 index.
Dewan Housing Finance Corporation shares were locked in a 5 percent upper circuit in an otherwise weak market. The debt-ridden mortgage lender received a no objection from the Reserve Bank of India with regards to the resolution plan of Piramal Capital & Housing Finance.
RailTel Corporation of India (RailTel) shares made a decent debut on the stock exchanges. The stock ended the day at Rs. 120.60 on the NSE, up 10.6 percent over its issue price of Rs. 109 per share.
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