Sensex Tanks 531 Points; Nifty Dips Below 14,250
Indian shares succumbed to heavy selling pressure on Monday despite positive cues from global markets.
The benchmark S&P BSE Sensex ended a choppy session down 530.95 points, or 1.09 percent, at 48,347.59.
The broader NSE Nifty index ended down 133 points, or 0.93 percent, at 14,238.90, with heavyweight Reliance Industries, auto, IT and financial stocks leading the market fall.
Reliance Industries slumped 5.6 percent. The conglomerate reported a better-than-expected 12 percent rise in December quarter net profit, but posted a sharp drop in quarterly revenue from its dominant oil-to-chemicals business on yearly basis as the operations were impacted by the coronavirus pandemic.
IndusInd Bank lost 5.5 percent after UBS Principal Capital Asia Ltd on Friday sold nearly 40 lakh shares of the bank worth over Rs 366 crore through an open market transaction.
Eicher Motors, Tata Motors and HCL Technologies fell 3-4 percent while Axis Bank, Hero MotoCorp, Cipla, UPL and Grasim surged 2-6 percent.
Kotak Mahindra Bank dropped 1.9 percent after reporting a 16 percent rise in Q3 net profit.
Asian Paints declined 3 percent to extend declines after Goldman Sachs retained a "sell" rating on the stock.
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