Sensex Plunges 550 Points On Weak Global Cues

Benchmark indices fell in trade on Monday as global cues were weak, in the wake of the US Fed's comments last week that there could be interest rate hikes as early as 2023. Across Asia markets dropped sharply with the Japanese Nikkei seeing cuts of more than 3%.

Dow Futures were once again pointing to lower openings for the US markets on Monday. The Sensex fell almost 550 points in trade, while the Nifty dived 160 points in trade.

Shares in Reliance Industries dropped despite reports of the possibility of a Saudi Aramco executive making it to the board of the company. This could pave the wave for Saudi Aramco stake in the company.

HDFC Bank shares were trading flat after reports that the bank will buy more than 3.55 crore shares, or a 4.99 percent stake in group firm HDFC ERGO General Insurance Company for over Rs 1,906 crore from the parent company HDFC.

NTPC shares rallied after the company posted a nearly three-fold jump in consolidated net profit to Rs 4,649.49 crore for March quarter 2020-21 against Rs 1,629.86 crore in the corresponding period of the previous year.

Shares in ICICI Bank were lower in line with prevailing sentiments in the markets today. Global rating agency S&P has reaffirmed ICICI Bank's rating at BBB- and has changed the outlook from negative to stable.

Meanwhile, gold clawed back some losses seen on Friday, after US Treasury yields retreated.