Bajaj Auto topped the Sensex pack.
Pulling an increasing streak of its three sessions, the equity benchmark Sensex plunged 487 points on Friday, causing losses in financial and auto stocks.
After gaining 1,283 points during the day, the 30-share BSE index lost 487.43 points, or 0.95%, to close at 50,792.08.
The broader NSE Nifty closed down 143.85 points or 0.95% at 15,030.95.
Bajaj Auto topped the Sensex pack by 3%, followed by Maruti, ICICI Bank, Sun Pharma and Reliance Industries.
Powergrid, on the other hand, was the beneficiary of ONGC, Titan and Infosys.
According to Binod Modi, head-strategy at Reliance Securities, after seeing a sharp start with favorable global cues, domestic equities declined sharply, mainly due to pressure in financial and auto stocks.
He added, “10-year US Treasury yields have again returned to 1.6% in anticipation of inflation growth due to a 1.6% trillion fiscal stimulus. There has been a rapid economic recovery. It has weighed on investor sentiment.”
He added that bond yields and rising oil prices are also expected to affect investor sentiment and that the market may remain volatile for the medium term.
Elsewhere in Asia, nutrition ended on a positive note in Shanghai, Seoul and Tokyo, while Hong Kong was in the red.
Stock exchanges in Europe were also trading losses in mid-season deals.
Meanwhile, global oil benchmark Brent crude was trading down 0.09% at $ 69.57 a barrel.
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