Markets see major fall with more than 40 Nifty stocks in the red as Indian indices opened weak on Monday with Nity below 14,600 on the back of mixed global cues. Except Infosys, all other shares are in red on BSE Sensex in the early trade.
According to Money Control, at 09:16 IST, the Sensex was down 813.07 points or 1.64% at 48,778.25, and the Nifty was down 245.90 points or 1.66% at 14,589. About 386 shares have advanced, 1,181 shares declined, and 76 shares are unchanged.
Similarly, the broader NSE Nifty plunged 431.90 points or 2.91 per cent to 14,402.95. IndusInd Bank was the top loser in the Sensex pack, tanking around 8 per cent, followed by SBI, Bajaj Finance, Bajaj Auto, Titan, ICICI Bank, Bajaj Finserv and Maruti.
On the other hand, Infosys was the sole gainer. In the previous session, Sensex had settled 154.89 points or 0.31 per cent lower at 49,591.32, and Nifty slipped 38.95 points or 0.26 per cent to 14,834.85.
All sectors witnessing broad-based selling as concerns over rising COVID-19 cases in the country and fears of lockdown in certain states weighed on sentiment. Losses in banks, autos and metal stocks dragged the most.
The corporate earnings for the fourth quarter of fiscal 2021 are all set to begin with the IT companies kicking in the season. In the last two consecutive quarters, companies have beaten street expectations and earnings estimates have been raised. Analysts expect companies to report strong results again this quarter. During the quarter ended March 2021, the Nifty IT index has outperformed the benchmark Nifty and experts believe this outperformance to continue in the medium term. Strong demand environment, large deal wins, continued traction in digital and cloud, ramp-up of large deals and demand recovery in highly impacted verticals like travel, hospitality were the highlights of the quarter gone by for the Indian IT companies.