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Sensex Tanks 746 Points; Nifty Ends Below 14,400

Indian shares fell for a second straight session on Friday as concerns about the markets becoming overbought triggered profit taking at higher levels.

Weak cues from Asia and Europe also weighed on markets as investors fretted over rising coronavirus cases as well as fresh lockdown restrictions in Europe and parts of Asia.

Today's selloff marked the worst day for markets in 2021. The benchmark S&P BSE Sensex ended the session down 746.22 points, or 1.50 percent, at 48,874.54 after having crossed the 50,000-mark for the first time a day before.

The broader NSE Nifty index slumped 218.45 points, or 1.50 percent, to 14,371.90 amid heavy selling in banking, metal and financial services shares.

Hindalco, ICICI Bank, JSW Steel, Asian Paints and Axis Bank fell around 4 percent each while Bajaj Auto soared as much as 11.2 percent after reporting the highest ever profit-after-tax for a quarter.

Hero MotoCorp jumped 4 percent after the company announced it has surpassed the significant milestone of 100 Million (10 Crores) units in cumulative production.

Shares of JK Tyre Industries climbed 20 percent to their highest in more than two years after the company's quarterly profit grew manifold on the back of a strong recovery in demand in the automotive space aided by a favorable festive season.

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