Sensex Sinks 871 Points, Nifty Gives Up 14600 Levels; PSU Banks, Metals Drag

Amid weak global cues, after opening lower, benchmark indices extended their day's losses and towards the close Sensex was down over 900 points. At the end of the trading session, Sensex settled with loss of 871 points, while Nifty dropped to 14549, down 265 points. Nifty Bank also tumbled by close to 3 percent. Meanwhile, broader markets underperformed benchmark indices.

Tata Steel, Adani Ports, Tata Motors, Hindalco and UPL were the top losers in today's bearish market, while the top gainers have been stocks including Cipla, Asian Paints and Power Grid.

The update by the health ministry which said that the new Covid 19 variant has been found in as many as 18 states is one factor that weighed on the markets.

Among Nifty sectoral indices, metal and the PSU Bank pack bled the most losing over 3%. Also, other indices traded in the red barring the pharma space which saw minor gains.

Anupam Rasayan amid weak market sentiment made a weak debut, listing at Rs. 520, a 6% discount against the issue price of Rs. 555 per share.

Shares of Rail Vikas Nigas on opening its offer for sale for stake sale by the centre fell by as much as 9% to day's low price of Rs. 27.65.

After Maruti, Hero Motocorp, Escorts has also announced that it shall hike price of tractors from April 1, 2021.

Meanwhile, at the time of writing this story, European markets traded with losses of up to 0.46 percent on German DAX.

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