Sensex dives 938 points amid selloff across all sectors; Nifty ends at 13,968 – Times of India

NEW DELHI: Equity indices fell on Wednesday with the benchmark BSE sensex falling over 900 points, dragged by banking and financial stocks.
The 30-share BSE index plunged 938 points or 1.94 per cent to finish at 47,410; while the broader NSE Nifty settled 271 points or 1.91 per cent lower at 13,968.
Axis Bank, Titan, IndusInd Bank, HDFC Bank Dr Reddy’s, HDFC and Asian Paints were the top losers in the sensex pack falling up to 4.05 per cent.
While Tech Mahindra, ITC, PowerGrid and Ultra Cemco were the top gainers rising up to 2.57 per cent.
Shares of Reliance Industries slipped as much as 2.29% to an over one-month low of Rs 1,895 after US e-commerce giant Amazon sought to block Future Group’s $3.4 billion retail asset sale to the conglomerate, making it the top drag on Nifty.
Amazon requested an Indian court to enforce a Singapore arbitrator’s order that Reliance’s deal with the Future Group be put on hold, Reuters reported on Monday.
Future Retail’s shares fell 5% on the news, after Amazon.com also called for Future Group’s chief executive officer to be detained.
“There is some overhang in the markets due to negative global cues and some nervousness ahead of the budget because of which people are lightening their positions” Siddhartha Khemka, head of retail research at Motilal Oswal Securities in Mumbai, told news agency Reuters.
Analysts also said that investors have preferred taking profits off the table ahead of the Union Budget and F&O expiry.
Adding to the pressure, Asian shares also slipped as investors looked to the Federal Reserve’s guidance on monetary policy.
Shares of Kotak Mahindra Bank slipped 1.58%, after JP Morgan downgraded the stock as the lender reported quarterly results below expectations.
Meanwhile, foreign investors sold equities worth Rs 765.30 crore on a net basis in the Indian capital market on Monday, exchange data showed.
(With inputs from agencies)