Indian Shares Tumble On Inflation Concerns
(RTTNews) - Indian shares were sharply lower in early trade on Thursday as rising oil prices and bond yields in international markets rekindled concerns about India's import bill, inflation and earnings.
The benchmark 30-share BSE Sensex was down 689 points, or 0.9 percent, at 74,139 while the NSE Nifty index slumped 222 points, or 0.9 percent, to 23,225.
Bajaj FinServ, Axis Bank and Bajaj Finance plunged 2-4 percent while Larsen & Toubro, Asian Paints, Kotak Mahindra Bank, Adani Ports, Indigo and HDFC Bank all fell over 1 percent.
Sedemac Mechatronics jumped more than 5 percent after as many as 48.79 lakh shares of the company changed hands in a block deal.
Bharat Dynamics gained 1 percent after signing a contract worth Rs. 811 crore with the Defense ministry.
Avantel soared 9 percent on bagging a Rs. 177 crore contract from Zetwerk Manufacturing for the supply of satellite communication equipment.
Exide Industries advanced 1.3 percent after its arm Exide Energy Solutions commissioned Phase-I of its 6 GWh lithium-ion cell manufacturing facility in Bengaluru.
