After opening in the green, markets once again saw selling pressure as bond yields continued to tick higher and worries over inflation mounted.
The Sensex was down 300 points in trade, while the Nifty was down 116 points in trade. Leading the set of losses were some of the heavyweight banking stocks, which had fallen in the last 2-days. Metals too continued to see third straight day of losses with JSW Steel among the losers from the Nifty.
Tube Investments shares gained after the company reported a standalone net profit at Rs 129.12 crore for the quarter ending March 31, 2021. The company had reported standalone profit after tax at Rs 73.55 crore during corresponding quarter previous year.
Power Grid Corporation of India saw its shares fall 2% after net profits at the company were up over six per cent rise at Rs 3,526.23 crore for the March 2021 quarter, when compared Rs 3,313.47 crore in the quarter ended on March 31, 2020,
Hindustan Media Ventures shares dipped 7% after the company reported a 20.1 per cent decline in its consolidated net profit to Rs 22.07 crore for the fourth quarter ended March 31.
"Domestic Market may consolidate for some-time before resuming its rally. Technically too, the trend remains intact till Nifty holds above 15,700 for an up move towards 16k mark. Globally, investors would cautiously track what action does other Central Banks take following Fed hawkish announcement. Domestically, monsoon, opening up of the economy in a phased manner and the pace of vaccination going forward would decide the further direction of the market," says Siddhartha Khemka of Motilal Oswal.