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Sensex Drops 355 Points, Nifty Settles Below 15,650

Indian shares fell for the third day running on Tuesday amid a sell-off in global markets sparked by a surge in Delta variant coronavirus cases worldwide.

It is feared that further lockdowns and tougher travel restrictions due to the fast-spreading Delta variant of the coronavirus could upend global economic recovery.

The benchmark 30-share BSE Sensex dropped 354.89 points, or 0.68 percent, to 52,198.51 while the broader NSE Nifty index ended the session down 120.30 points, or 0.76 percent, at 15,632.10.

The rupee reversed early losses to close 27 paise higher at 74.61 (provisional) amid a weaker U.S. dollar and falling U.S. yields.

Metal stocks came under selling pressure, with Tata Steel and Hindalco losing 3-4 percent.

Among other prominent decliners, Bharti Airtel, NTPC and IndusInd Bank lost 2-3 percent.

Shares of Adani Group companies fell broadly after the government said market regulator SEBI and customs authorities are investigating some group companies for non-compliance of rules.

Adani Enterprises shed 1.6 percent, Adani Green Energy lost 4 percent and Adani Transmission slumped 5 percent.

Private sector lender HDFC Bank dropped 1.8 percent to extend losses for a second day on reporting weak Q1 numbers.

IT services company HCL Technologies fell 2.3 percent after its quarterly revenue missed analysts' expectations.

On the positive side, Asian Paints soared 5.5 percent after its Q1 profit soared 161 percent year-on-year.

UltraTech Cement advanced 1.8 percent and Hindustan Unilever rose about 1 percent.

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