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Indian shares suffered heavy losses on Friday, with weak global cues and a sudden increase in Covid-19 cases in a few Indian states playing spoilsport.<\/p>\n
Equity markets<\/span> opened gap down and weakened further as the session progressed amid concerns over a surge in U.S. bond yields. <\/p>\n Markets were hedging the risk of an earlier rate hike from the Federal Reserve, despite officials signaling earlier in the week that they don’t expect to raise interest rates.<\/p>\n Stronger-than-expected U.S. economic data released overnight also added to the fears that the Fed could withdraw stimulus sooner than anticipated.<\/p>\n The benchmark S&P BSE Sensex ended the session down as much as 1,939.32 points, or 3.80 percent, at 49,099.99, while the broader NSE Nifty index slumped 568.20 points, or 3.76 percent, to 14,529.15.<\/p>\n Selling was seen across the board, with banks, metals, pharma and auto stocks pacing the decliners.<\/p>\n Hero MotoCorp, JSW Steel, Power Grid Corp, Mahindra & Mahindra and ONGC all fell over 6 percent. There were no gainers in the Nifty50 index. <\/p>\n Dewan Housing Finance Corporation shares were locked in a 5 percent upper circuit in an otherwise weak market. The debt-ridden mortgage lender received a no objection from the Reserve Bank of India with regards to the resolution plan of Piramal Capital & Housing Finance.<\/p>\n RailTel Corporation of India (RailTel) shares made a decent debut on the stock exchanges. The stock ended the day at Rs. 120.60 on the NSE, up 10.6 percent over its issue price of Rs. 109 per share. <\/p>\n<\/p>\n Market Analysis<\/p>\n<\/div>\n