Closing Bell: Sensex, Nifty end 1% lower for the fifth straight session; IT, pharma stocks drag

Updated : March 18, 2021 03:43 PM IST

The Sensex ended 585 points lower at 49,216 while the Nifty lost 163 points to settle at 14,558.

Among sectors, Nifty IT dragged the most, down 2.8 percent while Nifty Pharma shed 2 percent.

Meanwhile, Nifty Metal and Nifty FMCG ended the day in the green.

Indian indices ended a percent lower on Thursday, extending losses for the fifth straight session as bond yields spiked to their 13-month high. Domestically, major selling was seen in the IT, pharma and banking sectors.

The Sensex ended 585 points lower at 49,216 while the Nifty lost 163 points to settle at 14,558.

US 10-year Treasury yields hit their highest levels in 13-months, climbing above 1.70 percent for the first time since January 24, 2020 after the Federal Reserve’s push back against speculation over interest rate hikes.

"Indian equities pared its early optimism and fell into a sharp correction as US bond yield rose to its highest level since January. Dovish comments from the Fed chief on the strong economic bounce back and continuation of its accommodative stance, could not weigh down the rally in the US bond market. Indian markets had witnessed higher volatility compared to its global peers as domestic investors turned extra cautious on increasing Covid cases in India & a fall in FII inflows," said Vinod Nair, Head of Research at Geojit Financial Services

Back home, broader markets were also lower with the midcap and smallcap indices down over 1 percent each.

On the Nifty50 index, ITC, Bajaj Auto, Hindalco, Grasim and Bharti Airtel were the top gainers while HCL Tech, Infosys, Divi's Labs, Dr Reddy's and Hero Moto led the losses.

Among sectors, Nifty IT dragged the most, down 2.8 percent while Nifty Pharma shed 2 percent. Nifty Bank and Nifty Fin Services were also down 0.9 percent and 0.7 percent, respectively.

Meanwhile, Nifty Metal and Nifty FMCG ended the day in the green.

Published : March 18, 2021 03:34 PM IST

Closing Bell: Sensex, Nifty end 1% lower for the fifth straight session; IT, pharma stocks drag

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