The broader NSE Nifty sank 306.05 points or 2.04% to finish at 14,675.70, giving up the 15,000 mark.

Stock exchange numbers against a woman wearing a mask with a red arrow trending downwards superimposed on it
Money Stock Market Monday, February 22, 2021 - 16:44

Extending its losses for the fifth straight session, equity benchmark Sensex plummeted 1,145 points on Monday, tracking heavy losses in index majors Reliance Industries, HDFC and TCS amid negative cues from global markets.

The 30-share BSE index ended 1,145.44 points or 2.25% lower at 49,744.32. The broader NSE Nifty sank 306.05 points or 2.04% to finish at 14,675.70.

Dr Reddy's was the top loser in the Sensex pack, shedding around 5%, followed by M&M, Tech Mahindra, Axis Bank, IndusInd Bank and TCS. On the other hand, ONGC, HDFC Bank and Kotak Bank were the gainers. The across-the-board sell-off in the Indian indices was led by auto, health care, FMCG and IT stocks.

"India markets opened on a flattish note tracking mixed Asian market peers with China trading in losses as PBoC kept interest rates unchanged while Japan was trading with marginal gains," said Narendra Solanki, Head- Equity Research (Fundamental), Anand Rathi.

"As the last week of trading in February begins, there are some negative signals and news. The rise in the US 10-year bond yield to 1.36% reflects the markets' concern about a potential rise in inflation, said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

During the afternoon session, markets started to drift lower and traded in red as amid fresh concerns over the increase in the number of COVID-19 cases contributed to the fears that the economic impact will be much larger than earlier estimates, he noted.

"Also, the major western markets failed to provide any support as it opened to trade in red with equity investors growing concern about rising bond yields in recent weeks which could hurt high-growth companies reliant on easy borrowing," Solanki added.

Elsewhere in Asia, bourses in Shanghai, Hong Kong and Seoul ended on a negative note, while Tokyo traded with gains. Stock exchanges in Europe were also trading in the red in mid-session deals.

Meanwhile, the global oil benchmark Brent crude was trading 0.66 per cent higher at $62.55 per barrel.

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