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Sensex Plunges 600 points, Inflation Worries Re-surface

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Benchmark indices plunged sharply in trade with banking stocks taking a severe knock as bond yields showed signs of moving higher and inflation worries resurfaced.

 

The US Fed has indicated that there could be interest rate hikes as early as 2023 and the RBI may now be pressured to drop its accommodative stance.

The Sensex was trading with losses of nearly 600 points, while the Nifty dived 175 points in trade. The high-beta meta stocks too came in for selling pressure with JSW Steel, and Tata Steel among the top losers.

Adani Group stocks, which had plunged in trade over the last 4 trading sessions were more resilient to the market falls. In fact, Adani Ports was trading marginally higher despite the market carnage. In fact, Adani Ports and Bajaj Auto were the only two Nifty stocks that saw some decent gains in trade.

Sensex Plunges 600 points, Inflation Worries Re-surface

Khadim India was one stock that bucked the trend and was up 7% after the company reported a net profit of Rs 11.52 crore in the quarter ended March 2021 against a net loss of Rs 19.88 crore in the year-ago period.

 

Shares in media company, HMVL dropped as much as 8% after the company's results disappointed the markets.

Analysts expect the markets to continue to remain volatile, as low interest rates and easy liquidity have put the markets in a sweet spot for long. Investors who have made money may well book profits at these levels and protection of capital remains important.

Read more about: sensex
Story first published: Friday, June 18, 2021, 11:19 [IST]
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