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Sensex tumbles 341 points on weak global cues

Source: PTI
Last updated on: May 11, 2021 16:42 IST
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Kotak Bank was the top loser in the Sensex pack, shedding 3 per cent, followed by HDFC, Bajaj Finance, Bajaj Finserv, Tech Mahindra, HUL and Titan.

NSE Nifty slumped 91.60 points to 14,850.75.

Snapping its four-session rising streak, equity benchmark Sensex tumbled 341 points on Tuesday, led by losses in index-heavyweights HDFC twins, Kotak Bank and TCS amid negative cues from global markets.

The 30-share BSE index ended 340.60 points or 0.69 per cent lower at 49,161.81.

 

Similarly, the broader NSE Nifty slumped 91.60 points or 0.61 per cent to 14,850.75.

Kotak Bank was the top loser in the Sensex pack, shedding 3 per cent, followed by HDFC, Bajaj Finance, Bajaj Finserv, Tech Mahindra, HUL and Titan.

On the other hand, NTPC, ONGC, PowerGrid, Sun Pharma, UltraTech Cement and SBI were among the gainers.

According to Binod Modi, head strategy at Reliance Securities, weak cues from global markets and selling pressure across the counters dragged benchmark indices.

"Rising concerns over inflation globally due to sharp rise in commodity prices dragged Asian markets.

"Further, China inflation data also weighed on sentiments. However, domestic benchmark indices outperformed its Asian peers," he said.

Elsewhere in Asia, bourses in Hong Kong, Tokyo and Seoul ended on a negative note, while Shanghai finished with gains.

Photograph: Danish Siddiqui/Reuters

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