Equity benchmark Sensex dropped over 200 factors in early commerce on Monday monitoring losses in index majors Infosys, HDFC and TCS amid a combined pattern in international markets.
In a extremely unstable opening session, the 30-share BSE index was buying and selling 203.52 factors or 0.42 per cent decrease at 48,831.15.
Similarly, the broader NSE Nifty fell 70.60 factors or 0.49 per cent to 14,363.10.
IndusInd Bank was the highest loser within the Sensex pack, shedding round 3 per cent, adopted by PowerGrid, Maruti, Bajaj Finance, Bajaj Finserv and ONGC.
On the opposite hand, HDFC Bank, HCL Tech, SBI, Tech Mahindra and ICICI Bank had been among the many gainers.
In the earlier session, Sensex slumped 549.49 factors or 1.11 per cent to complete at 49,034.67. The broader NSE Nifty tumbled 161.90 factors or 1.11 per cent to 14,433.70.
Foreign portfolio buyers (FPIs) had been web consumers within the capital market as they bought shares value Rs 971.06 crore on Friday, as per trade knowledge.
According to Binod Modi Head-Strategy at Reliance Securities, home equities look to be comfortable in the mean time.
“While underlying strength of markets remains intact considering the rebound in key economic data, sustained growth in corporate earnings in 3QFY21 with upbeat management commentaries and commencement of the vaccination process,” he stated.
Additionally, “favourable monetary policies of global central bankers, weak dollar and large fiscal stimulus in the US are expected to ensure sustained FPI flow in domestic equities,” he famous.
US markets witnessed excessive volatility final week particularly after the announcement of USD 1.9 trillion stimulus program by President-elect Joe Biden.
“Sell on news tendency led US indices to register weekly loss of 0.9-1.5 per cent. Further, indications by Biden about reversal of lower tax rates sooner also weighed on investor sentiments,” Modi added.
Elsewhere in Asia, bourses in Shanghai and Hong Kong had been buying and selling within the constructive zone, whereas Seoul and Tokyo had been within the purple.
Meanwhile, the worldwide oil benchmark Brent crude was buying and selling 0.93 per cent decrease at USD 54.59 per barrel.
