Sensex tanks over 300 points, Nifty down at 17,530
India Today
The Nifty Metals index was the top drag among sectoral indexes, with aluminium producers Hindalco Industries and National Aluminium Co declining 5.9 per cent and 3.5 per cent, respectively.
The Sensex and Nifty fell for a second straight session on Tuesday with metals stocks leading the losses on concerns over demand. While the S&P BSE Sensex dropped 0.66 per cent or 388.20 points to 58,576.37, the NSE Nifty 50 index closed down 0.82 per cent or 144.65 at 17,530.30
"Hyperinflation and risk of a policy rate hike are placing the global market on its toes and are impacting the performance of equities with a rise in yield," said Vinod Nair, head of research at Geojit Financial Services, as per a Reuters report.
"Inflation in India is also expected to be on the higher side in Q1, but it is expected to subside due to a reversal of commodity prices and improvement in supply," Nair said.
A Reuters poll of economists estimated that India's retail inflation likely sped up to a 16-month high of 6.35 per cent in March, well above the Reserve Bank of India's upper tolerance band for a third straight month.
The Nifty Metals index was the top drag among sectoral indexes, with aluminium producers Hindalco Industries and National Aluminium Co declining 5.9 per cent and 3.5 per cent, respectively.
Tech stocks were also a major drag on the benchmark index, with Nifty IT index falling 1.5 per cent as valuations remain steep, analysts said.
Sector behemoth Tata Consultancy Services kick-started the domestic earnings season on Monday, reporting a higher profit due to large deal signings. But its shares ended down 0.1 per cent on Tuesday.
