Indian shares fell sharply on Wednesday despite the International Monetary Fund (IMF) projecting 11.5 percent growth rate for India in 2021, making the country the only major economy of the world to register double-digit growth this year amidst the coronavirus pandemic.
Investors booked profits at higher levels as caution set in ahead of the monthly derivatives expiry on Thursday and the Union Budget to be presented on February 1.
The benchmark S&P BSE Sensex ended at 47,409.93, down as much as 937.66 points, or 1.94 percent, from its previous close. The broader NSE Nifty index ended down 271.40 points, or 1.91 percent, at 13,967.50.
Heavyweight Reliance Industries, automakers, financials and metal companies led the market fall after recent strong gains.
Hindalco, IndusInd Bank, Titan, Tata Steel and Tata Motors all fell around 4 percent in the Nifty pack, while IT stocks such as Wipro and Tech Mahindra surged 2-3 percent.
UltraTech Cement, ITC and SBI Life rose 1-2 percent.
For comments and feedback contact: email@example.com
Read more from source here…