NEW DELHI: Equity indices plunged on Wednesday with the benchmark BSE sensex falling over 300 points dragged by realty, banking and auto stocks.
The 30-share BSE index fell 334 points or 0.64 per cent to close at 51,942; while the broader NSE Nifty settled 105 points or 0.67 per cent lower at 15,635.
Reliance, Bharti Airtel, L&T, Bajaj Finserv, IndusInd Bank and Bajaj Finance were the top losers in the sensex pack falling as much as 1.61 per cent.
PowerGrid, NTPC, Titan and Asian Paints were the major gainers rising up to 3.85 per cent, On the NSE platform, sub-indices Nifty Media, Realty, PSU Bank and Auto falling up to 2.1 per cent.
“Domestic equities look to be muted as of now.
An improved prospect of economic recovery led by sharp drop in daily caseload, ramping up vaccination process and phased withdrawal of restrictions imposed by states has already led markets to witness fresh highs,” Binod Modi Head-Strategy at Reliance Securities told news agency PTI.
Going forward, with the easing of lockdown restrictions at state level, the government’s higher allocation towards capital expenditures for FY22E should be helpful in driving economic growth in coming quarters, he noted.
Globally, stocks held near record highs as investors bet the US Federal Reserve is some way off from tapering its economic stimulus.
Market focus was also on a European Central Bank policy meeting and US inflation data due later this week.
Meanwhile, foreign institutional investors (FIIs) were net buyers in the capital market as they purchased shares worth 1,422.71 crore on Tuesday, as per provisional exchange data.
(With inputs from agencies)