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Sensex drops over 300 points in early trade; Nifty below 14,700

Equity benchmark Sensex tumbled over 300 points in early trade on Monday, tracking losses in index majors Reliance Industries, HDFC Bank and ICICI Bank amid a weak trend in global markets.

PTI PTI
Mumbai Published on: March 22, 2021 10:24 IST
Sensex drops over 300 points in early trade
Image Source : PTI

Sensex drops over 300 points in early trade

Equity benchmark Sensex tumbled over 300 points in early trade on Monday, tracking losses in index majors Reliance Industries, HDFC Bank, and ICICI Bank amid a weak trend in global markets. The 30-share BSE index was trading 305.33 points or 0.61 percent lower at 49,552.91, and the broader NSE Nifty fell 76 points or 0.52 percent to 14,668.

PowerGrid was the top loser in the Sensex pack, shedding around 2 percent, followed by Reliance Industries, ICICI Bank, HDFC Bank, and IndusInd Bank.

On the other hand, Sun Pharma, Dr. Reddy’s, Asian Paints, and Infosys were among the gainers.

In the previous session, Sensex ended 641.72 points or 1.30 percent higher at 49,858.24, and Nifty surged 186.15 points or 1.28 percent to finish at 14,744.

Foreign institutional investors (FIIs) were net buyers in the capital market on Friday as they bought shares worth Rs 1,418.43 crore, as per exchange data.

V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, said the market is in an excessively volatile zone. Support comes from sustained FII buying which has crossed Rs 7,000 crore during the last four trading days.

"But, there is a major dampener in the form of fast-rising COVID-19 cases, especially in some economically significant cities. Restricted economic activity in these regions might impact the optimistic growth projections for FY 22," he added.

Elsewhere in Asia, bourses in Shanghai and Seoul were trading on a positive note in mid-session deals, while Hong Kong and Tokyo were in the red.

Meanwhile, the global oil benchmark Brent crude was trading 0.50 percent lower at USD 64.21 per barrel. 

ALSO READ | Sensex tanks over 600 points in early trade; Nifty slips below 14,400

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