Amid weakness in the global markets, indices have extended their losses to over 300 points on the Sensex. All of the Nifty indices barring metal, PSU Bank, media and auto traded negative. And PSU Banks were the outliers in trade today gaining over 6 percent and extending gains on some of the PSBs to the extent of 20 percent intra-day. Broader indices also performed with gains in an otherwise weak market.
Rising dollar is also weighing on global equities and indices across the world are retreating lower.
At the end, Sensex closed weak by 400 points, while Nifty was dragged to 15200 points.
Considering the inflation which has now come to RBIs targeted levels, BofA expects the RBI to focus on funding the high fiscal deficit at reasonable yields to nurse recovery.
State-run Power Grid Corporation on Wednesday said it has bagged two electricity transmission projects under tariff-based competitive bidding norms. Shares of the PSU traded higher by close to 2 percent towards the close of the session.
Meanwhile, European indices also trade lower as inflation concerns surfaced and dampened recovery optimism.