Benchmark indices fell sharply in trade as state election results, particularly in West Bengal, where the BJP did not fare well, impacted sentiments. Apart from this record deaths due to covid-19 infections also had an impact on sentiments. Asian markets too were trading lower with losses seen in the Hong Kong's Hang Seng, which slipped almost 1.5 per cent.
The Sensex plunged 600 points in trade, while the Nifty dropped 163 points in trade.
Shares in Reliance Industries fell even as the company reported sharply higher profit at Rs 13,227 crore in the fourth quarter of FY21 against Rs 6,348 crore in Q4 FY20. IndusInd Bank saw its shares fall only marginally as the bank put up a good quarterly performance. The bank reported profit at Rs 876 crore in Q4FY21 against Rs 301.8 crore in Q4FY20. The shares were down by 0.50 per cent.
Shares in Coal India, which had rallied significantly on Friday saw some selling pressure. The bank Nifty saw selling pressure with the index down 2.25 per cent in trade.
Among the early Nifty losers in trade were State Bank of India, HDFC Bank, Eicher Motors and Reliance Industries. While the Nifty stocks that gained ground were ONGC, Cipla and Dr Reddy's.
Foreign Portfolio Investors flow into equity markets would be key, given the way they sold stocks worth Rs 3465 crores on Friday in the cash market.