Indian benchmark indices fell sharply after Asian peers faced massive selling pressure on account of rising COVID-19 cases in the region.
While IndusInd Bank, Axis Bank, Maruti and Bajaj Finance followed HDFC in losses, NTPC, Nestle India, Dr Reddy's and Sun Pharma were among the gainers.
On the domestic equity market front, the BSE Sensex fell 586.66 points to end at 52,553.40, while the broader NSE Nifty fell 171.00 points to close at 15,752.40.
Consequently, the BSE Sensex traded at 52,756.55 points, at 10.30 a.m., lower by 383.51 points or 0.72 per cent from its previous close.
Extending gains for the second session, the 30-share BSE benchmark closed 226.04 points or 0.43 per cent higher at record 52,925.04.
ONGC was the top loser in the Sensex pack, shedding around 3 per cent, followed by Sun Pharma, PowerGrid, Axis Bank, HDFC Bank, Bharti Airtel and Kotak Bank.
Shrugging off rising Covid-19 cases and fears over increasing bond yields, domestic equity benchmark indices ended last week’s bearish run on Tuesday and recorded a sharp rise.
Axis Bank was the top loser in the Sensex pack, shedding over 4 per cent, followed by Asian Paints, SBI, IndusInd Bank, ICICI Bank, Bajaj Finance, HDFC and Reliance.
The market capitalisation of BSE-listed firms have jumped a whopping Rs 14,08,195.89 crore to a record Rs 1,92,87,518.94 crore (USD 2.6 trillion) in 10 trading sessions.
Dalal Street witnessed gut-churning fluctuations, with the BSE Sensex swinging between historic losses and eye-popping gains, sometimes in the same session, and confounded veterans and rookies alike.
Experts feel the positive momentum may hit a pause button in the coming seasons even as external factors appear to be favorable.
The market rally was driven by strong activity on the metal, oil and gas, PSU, infrastructure, banking, FMCG and capital goods counters, rising up to 0.88 per cent.
Late selling in realty, PSU and infrastructure stocks mainly dragged the market from early highs.
The Sensex rallied about 180 points to 34,893.20 in early session today, maintaining its positive form for the second straight day as the May derivatives series took off on a strong footing.
The trading was backed by sustained buying mainly in realty, metal, banking, power, oil & gas and utilities stocks amid firm Asian cues.