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Sensex Falls Over 500 Points, Nifty Listed Below 17,850 Dragged By Banks

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The Sensex and Nifty 50 indexes extended losses in afternoon trading on Thursday as banks and IT stocks lost further ground, while investor sentiment also soured on worries about rising inflation following a higher-than-expected jump in US consumer prices.By 2:00, the blue chip NSE Nifty 50 index fell 0.9 per cent to 17,847.55, while the benchmark S-P BSE Sensex was down 0.88 per cent at 59,820.14."If (a sticky inflation) scenario evolves, it is better to stay with safer assets...

whether it is bonds or U.S.-backed securities," said Mayuresh Joshi, head of equity research at William O'Neil - Co in India, adding that there had been heavy foreign selling over the last few days.This week, foreign investors have sold a net $125 million in Indian equities as of Wednesday, Refinitv Eikon data showed.The 10-year Indian benchmark bond yield was up 4 basis points at 6.3746 per cent by 0510 GMT on Thursday.Global cues were weak as Wall Street closed sharply lower overnight and Asian shares slumped after data showed U.S.

consumer prices surged at the fastest pace since 1990 last month.In Mumbai trading, the Nifty Bank Index fell 0.90 per cent and was on course for its fourth straight session of losses.

Mortgage lender HDFC Ltd was down 1.7 per cent.The Nifty IT index was 1.50 per cent lower, tracking its second straight session of losses.

Tech Mahindra fell 2.9 per cent and was among the top percentage losers on the Nifty 50.Among individual stocks, shares of Zomato rose as much as 6 per cent after the company posted quarterly revenue that more than doubled as orders on its food delivery business zoomed.Engineering company Thermax was up 10.1 per cent after its September-quarter profit nearly tripled year-over-year.Yes Bank gained as much as 4.6 per cent, a day after the lender said its rating had been upgraded by Moody's, which cited substantial improvement in funding and liquidity.




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