Sensex Drops 420 Points On Global Cues; Nifty Dips Below 15,600

Indian shares opened notably lower on Monday, mirroring weak global markets after St. Louis Federal Reserve President Jim Bullard offered a fresh dose of hawkishness, saying he sees an initial interest rate increase happening in 2022.

The benchmark 30-share BSE Sensex dropped 420 points, or 0.8 percent, to 51,925 in early trade, while the broader NSE Nifty index was down 112 points, or 0.7 percent, at 15,572.

Among the prominent decliners, Mahindra & Mahindra, Wipro, Hindalco, Tata Motors and UPL fell 2-3 percent.

Zee Entertainment Enterprises dropped 1.6 percent. The company and Viacom18 Media Pvt. Ltd are in initial talks for a potential merger.

PNB Housing slumped 5 percent. The company has moved the Securities Appellate Tribunal challenging the SEBI directive related to the valuation procedure of its Rs 4,000 crore deal with a consortium led by private equity giant Carlyle.

NTPC advanced 2.8 percent on reporting a three-fold jump in Q4 profit.

SAIL shed half a percent. The company has postponed its plans to begin commercial production of head hardened (HH) rails at its Bhilai Steel Plant in Chhattisgarh.

Adani Power lost about 5 percent after it emerged as the successful bidder to acquire the 1,200 megawatt (MW) Essar Power's Mahan Project.

HDFC Bank was down nearly 1 percent. The private sector bank is buying over 3.55 crore shares in group firm HDFC ERGO General Insurance Company for over Rs.1, 906 crore from HDFC.

ICICI Bank gave up 1.4 percent. S&P Global Ratings has revised its rating outlook on the bank to stable from negative.

BPCL edged up slightly on disinvestment-related reports.

Vodafone Idea fell 1 percent on fund raising reports.

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