Sensex drops 300 points; Nifty below 16,500 – Times of India

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MUMBAI: Equity benchmark Sensex tumbled over 300 points on Friday as index majors Tata Steel, Reliance Industries and Kotak Bank tracked losses amid heavy selling in global equities.
The 30-share index ended 300.17 points or 0.54 per cent lower at 55,329.32, while the broader NSE Nifty ended 118.35 points or 0.71 per cent lower at 16,450.50.
Tata Steel was the top laggard in the Sensex pack, falling over 8 per cent, followed by SBI, Dr Reddy’s, Kotak Bank, Sun Pharma, Bajaj Auto and L&T.
On the other hand, HUL, Asian Paints, Nestle India and Bajaj Finance were among the gainers.
Binod Modi, Head of Strategy at Reliance said, “Domestic stocks witnessed high volatility with selling pressure. Notably, barring FMCG, most of the sectoral indices traded in the red with Nifty Metal including realty, PSU banks And after pharma, the biggest decline was seen.” securities.
He said the rise in cases of delta variants in various parts of the world and rising concerns about the sustainability of the ongoing economic recovery globally have led to huge gains in metal stocks.
Elsewhere in Asia, shares ended with heavy losses in Shanghai, Hong Kong, Tokyo and Seoul.
European shares were also trading in the red in mid-session deals.
Meanwhile, international oil benchmark Brent crude fell 0.59 per cent to $66.06 per barrel.