Bear hug for Sensex and Nifty; Shilpa Medicare zooms by nearly 4 per cent, RIL drops by nearly 4 per cent

Sensex tanked by 421.82 points or 1.10 per cent on Wednesday to close at 38,071.13 while Nifty fell by 97.70 points or 0.86 per cent to settle at 11,202.85.

On the global front, Asian indices such as Shanghai index, Hang Seng and KOSPI increased by 2.06 per cent, 0.45 per cent and 0.27 per cent respectively whereas Japan's Nikkei index declined by 1.15 per cent. In European markets, indices such as FTSE 100 and CAC 40 were witnessed trading in green, up by 0.39 per cent and 0.63 per cent respectively, whereas DAX was trading down by 0.12 per cent.

Jet Airways, the most favoured airline company at one time, which is currently undergoing an insolvency resolution process, reported a widening of loss to Rs 5,535.75 crore for FY20 due to surge in its expenses.

Shares of Tata Coffee rallied by 12.13 per cent as the company reported a consolidated net profit of Rs 62 crore, a 77 per cent increase in Q1FY21.

Sensex winners were made up of IndusInd Bank rising by 4.54 per cent, Tata Steel gaining by 4.34 per cent, Sun Pharmaceutical Industries increasing by 2.18 per cent, Bajaj Finance gaining by 1.36 per cent, UltraTech Cement rising by 1.18 per cent, Larsen & Toubro up by 1.02 per cent, etc. Sensex losers comprised RIL dropping by 3.75 per cent, Nestle India dipping by 3.02 per cent, HCL Technologies falling by 2.66 per cent, Mahindra & Mahindra decreasing by 2.55 per cent, HDFC Bank down by 1.94 per cent, Maruti Suzuki declining by 1.62 per cent, etc.

Amongst sectoral indices on BSE, Healthcare index was the biggest gainer, up by 2.13 per cent while Energy index was the biggest loser, down by 3.04 per cent. Broader markets outperformed domestic benchmark indices as BSE small-cap index and BSE mid-cap index increased by 0.43 per cent and 0.68 per cent, respectively.