Sensex Drops Over 300 Points; Nifty At 14,763

Indian shares fell notably on Wednesday, tracking weak cues from global markets as inflation worries prevailed.

The benchmark S&P BSE Sensex dropped 309 points, or 0.6 percent, to 48,852 in early trade, while the broader NSE Nifty index was down 88 points, or 0.6 percent, at 14,763.

Godrej Consumer Products shares jumped 15 percent. The second wave of the pandemic could be a tailwind for the Hygiene (including Soaps) category and headwind for certain discretionary categories, the company said after reporting a 59 percent jump in Q4 profit.

Granules India slumped nearly 5 percent despite reporting a 38 percent rise in quarterly profit.

Bharti Airtel shares fell about 1 percent. Reliance Jio gained 4.26 million wireless subscribers against Airtel's 3.73 million in February, according to latest subscriber data collated by TRAI.

PC Jeweler climbed 2 percent. Capital market regulator SEBI has barred four individuals and one entity from the securities market in a case of alleged insider trading.

Asian Paints and Lupin were modestly higher ahead of their earnings results.

Siemens soared 8.6 percent after it posted an over 90 percent year-on-year (YoY) rise in consolidated net profit for the March quarter.

Mahindra & Mahindra shares fell 1.7 percent. The company said its sales volume for the quarter ended June 2021 will likely be lower by 15-20 percent as compared to the year-ago period.

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