Indian shares tumbled on Friday, tracking weak cues from global markets as the 10-year U.S. Treasury yields continued to soar, reflecting expectations the Federal Reserve will have to raise rates sooner to keep inflation contained.
Investors also await the Q3 GDP numbers due out later in the day for directional cues.
The benchmark S&P BSE Sensex plunged 772 points, or 1.5 percent, to 50,267 in early trade, while the broader NSE Nifty index was down 212 points, or 1.4 percent, at 14,885.
Financials led losses, with HDFC Bank, HDFC, Axis Bank, ICICI Bank and IndusInd Bank giving up 3-4 percent.
Dilip Buildcon rallied 2.3 percent after it emerged as the lowest bidder for two new HAM projects worth about Rs 2,241 crore.
Bank of Baroda slumped 4.3 percent after its board approved raising up to Rs 4,500 crore via a qualified institutional placement.
Jet Airways jumped 3.8 percent. The National Company Law Tribunal has granted time till 2 March to aviation regulator DGCA to respond on the airline’s slots issue.
Eveready Industries climbed 3 percent on a Mint report that the Burman family may become joint promoters of the battery maker along with the Khaitan family.
For comments and feedback contact: firstname.lastname@example.org
All news and articles are copyrighted to the respective authors and/or News Broadcasters. LC is an independent Online News Aggregator
Read more from original source here…