IndusInd Bank, Tata Steel, NTPC, Bharti Airtel, HCL Tech and ICICI Bank were the top losers in the sensex pack. (Representative image)
NEW DELHI: Equity indices plunged for the third straight session on Tuesday with the benchmark BSE sensex falling over 350 points, dragged by metal, banking and financial stocks amid weak global cues.
The 30-share BSE index fell 355 points or 0.68 per cent to close at 52,199; while the broader NSE Nifty settled 120 points or 0.76 per cent lower at 15,632.
IndusInd Bank, Tata Steel, NTPC, Bharti Airtel, HCL Tech and ICICI Bank were the top losers in the sensex pack falling as much as 3.4 per cent.
Whereas Asian Paints, Ultra Cemco, HUL, Maruti and TCS were the top gainers rising up to 5.59 per cent.
On the NSE platform, except for Nifty FMCG, all other sub-indices witnessed losses with Nifty Media, Metal, PSU Bank and Private Bank falling up to 2.58 per cent.
According to experts, mixed corporate earnings and a global sell sparked by surge in Delta variant cases weighed on investor sentiments.
The 725 points cut in the Dow on Monday – the worst in 2021 – is a reflection of the risk-off in markets globally, V K Vijayakumar, chief investment strategist at Geojit Financial Services told news agency PTI.
“Different reasons are attributed to this correction: The rising Covid cases in the US and the UK due to the delta variant, inflation concerns, and concerns about growth coming below consensus expectations.
“It may be all these. The fact is that at high valuations when investors are sitting on big profits, any fear can trigger profit booking and corrections,” he stated.
Asian stocks were also subdued as the fast-spreading Delta variant of the coronavirus raised fears that further lockdowns could upend global economic recovery.
Meanwhile, foreign institutional investors (FIIs) were net sellers in the capital market as they offloaded shares worth Rs 2,198.71 crore on Monday, as per provisional exchange data.
(With inputs from agencies)