Sensex Extends Fall, Tumbles 800 Points; L&T, HDFC Bank and HDFC Life Insurance Dip 3%

Mon, 7 Feb 12:30 pm

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Share markets in India have extended early losses and are presently trading deep in the red.

Benchmark indices continue to reel under pressure as investors turn anxious amid surging US bond yields. Meanwhile, mixed cues from Asian stock markets didn't help.

Asian shares were mixed with mainland China markets rising as they re-opened following the Lunar New Year holidays last week.

Indian share markets started on a negative note after strong jobs data in the US increased fears of sharper than expected Fed rate hikes.

The continuing selling pressure from FIIs added to losses. Net-net, foreign portfolio investors (FPIs) have turned sellers of domestic stocks to the tune of Rs 22.7 bn, data available with NSE suggested.

DIIs too, turned net sellers to the tune of Rs 6.2 bn, data suggests. FPIs took out Rs 36.3 bn from equities during 1-4 February.

The BSE Sensex lost the psychological mark of 58,000 while the NSE Nifty was trading below 17,300 levels.

Presently, the BSE Sensex is trading down by 782 points, down 1.4%. Meanwhile, the NSE Nifty is trading down by 226 points.

The selling is seen across major sectors, particularly in the capital goods, healthcare and finance stocks. Meanwhile, select metal and power stocks are trading in green.

The fall on broader markets is less severe. The BSE Midcap index is down 1%, while the BSE Smallcap index is down 0.6%.

L&T and HDFC Bank are among the top losers today, down 3%.

Bajaj twins, Titan, Asian Paints and HDFC were the other major losers, down over 2% each.

In the primary market, the IPO of Vedant Fashions was still slow-paced and was subscribed just 17% so far on Day 2. The retail portion was subscribed 27%.

Meanwhile, Lupin share price fell 6% after the drug-maker reported lower-than-expected margins and net profit in December quarter (Q3FY22) due to one-time expenses related to residual metformin returns and provision for aged stock returns of Oseltamivir.

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In a weak market, shares of public sector banks (PSBs) rallied up to 10% after select banks, including SBI, reported a solid set of numbers for the quarter ended December 2021.

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