facebook-page-view
Advertisement

Nifty, Sensex notch second weekly gain

By Reuters

  • 12 Mar 2021
Nifty, Sensex notch second weekly gain
Credit: Reuters

Indian shares gave up early gains to end sharply lower on Friday, as high-flying financial stocks sold off on the back of a broader rise in bond yields in the U.S. and Europe.

The blue-chip NSE Nifty 50 index fell 0.95% to close at 15,030.95, while the benchmark S&P BSE Sensex shed 0.95% to end at 50,792.08. Despite today's losses, both indexes notched their second consecutive weekly gain.

The Nifty and Sensex gained as much as 1.06% each earlier in the day but fell into the red, in line with global markets whose earlier rally on the signing of a U.S. stimulus bill was halted by rising bond yields and inflation concerns. 

Advertisement

"At these elevated levels, the (domestic) indexes are exposed to any triggers globally," said Siddhartha Khemka, head of retail research at Motilal Oswal Financial Services in Mumbai.

High commodity prices and crude oil prices remain concerns on the domestic front, Khemka added.

Investors are awaiting retail inflation data for February later in the day. A Reuters poll showed retail inflation probably rose but remained within the central bank's target range.

Advertisement

In Mumbai, the Nifty Bank Index fell 1.23%. ICICI Bank Ltd was among the top drags to the Nifty 50, shedding 2%.

"Banks would have the biggest impact if bond yields are going up...they are also the biggest segment of the market in terms of weightage, foreign institutional investor holdings," Khemka said.

Tata Power Co Ltd ended 5.5% higher, after news channel CNBC-TV18 reported the power generation and transmission company is exploring an arrangement with Tesla Inc for setting up charging infrastructure.

Advertisement

IDBI Bank Ltd closed 9.8% higher. India's central bank said on Wednesday it would take the state-run lender out of its corrective action list.

Share article on

Advertisement
Advertisement