Sensex Drops Over 600 points, Nifty Ends Below 14,700 Dragged By Banks

For the financial year 2020-21, Sensex has rallied 75% and Nifty has jumped 78%, making it the best fiscal year for equity markets on record.

The Indian equity benchmarks ended lower on last day of the current financial year as rising bond yields in US stoked fears of foreign outflows from emerging markets like India. Rising dollar against th rupee also dampened investors' sentiment, analysts said. The benchmarks opened lower and extended losses in the last hour of trade wherein the Sensex fell as much as 694 points and Nifty 50 index ended below its important psychological level of 14,700. HDFC Bank, HDFC, Reliance Industries, Infosys, ICICI Bank and Kotak Mahindra Bank were among the top drags on the Sensex. The Sensex ended 627 points lower at 49,509 and Nifty 50 index dropped 154 points to close at 14,691. For the financial year 2020-21, Sensex has rallied 75 per cent and Nifty has jumped 78 per cent, making it the best fiscal year for equity markets on record despite Covid-19 pandemic.