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Sensex drops 483 pts as yields hit 3-yr high; IT stks drag, Paytm leaps 12%
CLOSING BELL: More than 20 of the 30 Sensex stocks and 30 of the 50 Nifty counters ended in the negative zone. These included HCL Tech, Infosys, L&T, Wipro, Asian Paints, HDFC, and HDFC Bank
Benchmark indices were back in the red after a one-day hiatus on Monday as tepid global sentiment and rising bond yields dented the rally in equities. European and Asian markets traded lower today, marking the beginning of a week with key central bank meetings and US inflation prints.
Meanwhile, yields on 10-year government securities hit their 3-year high of 7.192 per cent in the money market, reflecting inflationary concerns and expectations of faster rate hikes by the RBI in months ahead.
Against this backdrop, the BSE Sensex index fell 483 points, or 0.8 per cent, to end the day at 58,965. On the NSE, the Nifty50 index closed at 17,683, down 101 points or 0.6 per cent. Both the indices had hit a low of 59,356 and 17,651, respectively.
More than 20 of the 30 Sensex stocks and 30 of the 50 Nifty counters ended in the negative zone. These included HCL Tech, Infosys, L&T, Wipro, SBI Life, Asian Paints, HDFC, HDFC Bank, and Axis Bank, falling up to 2.7 per cent.
On the upside, Grasim, Adani Ports, JSW Steel, UPL, Cipla, Apollo Hospitals, and BPCL were the top large-cap gainers, adding between 1 and 3 per cent.
In the broader markets, though, the BSE Midcap and SmallCap indices advanced 0.4 per cent each. Among sectors, the Nifty IT and Financial Services indices were the worst hit, falling 1.4 per cent and 0.5 per cent, respectively. On the flipside, the Nifty Oil and Gas, and Realty indices gained the most in a weak market, rising up to 1.8 per cent.
Overall, more than 2,000 stocks ended in the positive zone on the BSE, while around 1,500 stocks ended in the red. BSE's total market-cap reached Rs 275.37 trillion.
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