Sensex drops 627 points, Nifty ends at 14,691; Banks, RIL drag market

The Indian indices wavered on Wednesday as the US bond yields advanced and the dollar extended gains, triggering a flight to safety by global investors.

The Sensex fell 627 points, or 1.25 per cent, to end at 49,509, while the Nifty fell 154 points, or 1.04 per cent, to close at 14,691. A day earlier, both the indices had posted their biggest gain in nearly two months, advancing 2.3 per cent each.

Rising Covid-19 cases and fears of curbs to contain its spread weighed on investor sentiment. The meltdown at Bill Hwang’s Archegos Capital Management also kept markets nervous as more banks