Indian shares succumbed to heavy selling pressure on Wednesday as a steep rise in the dollar index and climbing U.S. bond yields revived fears over capital outflows.
The dollar headed for its best month since November 16 while Treasury yields are on pace for their biggest quarterly rise in 5 years, buoyed by hopes of stronger growth and inflation.
Renewed concerns over rising Covid-19 cases in the country also dented sentiment.
India reported 53,480 new covid-19 cases in the last 24 hours, taking active cases in the country to 5,52,566.
The situation is worsening in Maharashtra, which has seen a huge rise in coronavirus positive cases over the last week.
The benchmark 30-share BSE Sensex plunged as much as 627.43 points, or 1.25 percent, to 49,509.15, while the broader NSE Nifty index settled at 14,690.70, down 154.40 points, or 1.04 percent, from its previous close.
Coal India, Tech Mahindra, Power Grid Corp, HDFC Bank and HDFC fell 2-4 percent in the Nifty pack, while ITC, Bajaj FinServ, UPL, Grasim and Tata Steel all rose about 2 percent.
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