Sensex falls 566 points dragged by HDFC twins; Nifty settles at 17,807 - Times of India

Sensex falls 566 points dragged by HDFC twins; Nifty settles at 17,807 – Times of India

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NEW DELHI: Domestic benchmark indices plunged for the 2nd straight session on Wednesday dragged by financial and IT shares.
The 30-share BSE index fell 566 points or 0.94 per cent to close at 59,610; while, the broader NSE Nifty settled 150 points or 0.83 per cent lower at 17,808.
HDFC twins were the biggest losers in the sensex pack falling over 3 per cent each, followed by HCL Tech, Tech Mahindra, Infosys and TCS.
Whereas NTPC, Tata Steel, Power Grid and Bharti Airtel were the major gainers rising as much as 2.61 per cent.
On the NSE platform, sub-indices Nifty IT, Financial Services, and Bank dragged as much as 1.63 per cent.
Among individual stocks, Ruchi Soya took a severe beating on the bourses as it plummeted nearly 19 per cent in early deals. However, it recovered somewhat to close 13.75 per cent lower at Rs 755.
Shares of Paytm rose nearly 5 per cent after the digital payments firm said it should be able to achieve a breakeven for a key metric of profitability in one-and-a-half years.
Besides, 0il marketing companies in India continued to raise pump prices on the back of elevated global crude prices, sparking worries of an acceleration in inflation.
“The inflation is a new war for the whole world for another six to eight months, (and) that would keep emerging markets like India under pressure. Markets will be very volatile because of this and we may see the impact of it in companies’ Q1 numbers,” Prashanth Tapse, vice president (research), Mehta Equities told news agency Reuters.
Meanwhile, the Reserve Bank of India (RBI) began its three-day monetary policy meeting.
Besides, investors continue to closely observe the developments of the Russia-Ukraine crisis as the western countries prepare to expand sanctions on Russia.
(With inputs from agencies)



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