Key equity indices traded in a narrow range near the day s low in afternoon trade. The Nifty was trading below the 14,800 mark. Rising domestic inflation and increase in COVID-19 cases sapped investors appetite for risk assets.
At 13:20 IST, the barometer index, the S&P BSE Sensex, tanked 859.26 points or 1.69% at 49,932.82. The Nifty 50 index lost 256.65 points or 1.71% at 14,774.30.
Reliance Industries (down 2.25%), ICICI Bank (down 3.39%) and HDFC Bank (down 2.02%) were major drags.
The broader market tumbled. The S&P BSE Mid-Cap index declined 1.80%. The S&P BSE Small-Cap index dropped 1.12%.
Sellers outnumbered buyers. On the BSE, 898 shares rose and 2,049 shares fell. A total of 184 shares were unchanged.
Market declines for 2nd day, Nifty ends below 15,000 mark
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Indices decline for second trading day
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Axis Bank will pick up a 9.9 per cent stake in Fettle Tone LLP, a promoter of Max Bupa Health Insurance Company, for Rs 90.8 crore to strengthen is insurance business. Axis, which is privately owned, said in a BSE filing it has signed agreements with Fettle Tone LLP and its partners (on March 13). Max Bupa Health Insurance (MBHI) is as a joint venture between private equity group True North and Bupa, a global health insurance and healthcare company. Fettle Tone LLP is a special purpose vehicle (SPV) set up by True North Fund; it holds a 5.6 per cent stake in health insurance company.