The Indian fairness benchmarks fell for second straight session on Monday dragged by losses in heavyweights like Reliance Industries, HDFC Bank, ICICI Bank, HDFC, Bajaj Finance and Larsen & Toubro. The Sensex fell as a lot as 993 factors and Nifty 50 index dropped beneath its necessary psychological stage of 14,750. Buying at decrease ranges amid optimistic European markets and Dow futures helped benchmarks get well some misplaced floor within the final hour of commerce.
The Sensex ended 397 factors or 0.78 per cent decrease at 50,395.08 and Nifty 50 index declined 101 factors or 0.67 per cent to settle at 14,929.
Government knowledge confirmed annual retail inflation rose to five.03 per cent in February on greater gasoline costs, which may strain the central financial institution’s accommodative stance and lift rates of interest that are at all-time low. Data additionally confirmed industrial output as measured by the Index of Industrial Production contracted 1.6 per cent year-on-year in January.
Resurgence in COVID-19 circumstances additionally weighed on the investor sentiment. The nation reported this yr’s largest each day rise in circumstances of 26,291 on Monday. India is the third-worst affected nation globally with 11.39 million circumstances, behind the United States and Brazil.
