Equity benchmark indices shed 1 per cent in a volatile trading session on Monday with Reliance Industries losing by 5 per cent after the announcement of Q3 earnings.
The BSE S&P Sensex closed 531 points or 1.09 per cent lower at 48,348 while the Nifty 50 edged lower by 133 points or 0.93 per cent to 14,239.
Sectoral indices at the National Stock Exchange were mixed with Nifty IT dipping by 1.7 per cent while pharma rising by 1.7 per cent.
Among stocks, Reliance Industries cracked by 5.6 per cent to Rs 1,935.15 per share after reports said the Mukesh Amb-led conglomerate has spined off of the oil-to-chemical business into a new unit that will help it pursue growth opportunities with strategic partnerships.
At the same time, it saw its profit jump 12.5 per cent to Rs 13,101 crore during the quarter ended December.
IndusInd Bank lost by 5.5 per cent, HCL Technologies by 3.8 per cent, Eicher Motors by 3 per cent, Asian Paints by 2.9 per cent and Tata Motors by 3.6 per cent.
However, Grasim gained by 5.8 per cent to Rs 1.062.90 per share. UPL, Cipla, Hero MotoCorp, Axis Bank and JSW Steel, too, trade with over 2 per cent margins.
Meanwhile, Asian shares rose as concerns over rising Covid-19 cases and delays in vaccine supplies were eclipsed by expectations of a USD 1.9 trillion fiscal stimulus plan to help revive the US economy.
MSCI's broadest index of Asia Pacific shares outside Japan rose slightly. Japan's Nikkei rebounded from falls in early trading to be up by 0.67 per cent.
Hong Kong shares climbed 2.41 per cent as mainland investors continued to buy into the market while South Korea's Kospi was up by 2.18 per cent.
( With inputs from ANI )
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