Share Market Update: Sensex Crashes Over 1,000 Pts Ahead Of Budget 2021; Nifty Below 14K

The fall in Sensex this late afternoon was mainly led by heavyweight Reliance Industries, private lenders and select IT stocks. 

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The Indian stock market witnessed a drastic fall on Wednesday with S&P BSE Sensex slipping 2.08 per cent or 1,004 points to 47,344 amid selloff across all sectors while NSE on the other hand fell 2.04% or 291 points to 13,948.

Around 2.45 p.m., Sensex was at 47,310.81, lower by 1,036.78 or 2.14 per cent from its previous close. As per the trends, heavy selling pressure was witnessed across sectors with banking, finance and oil and gas stocks in forefront. 

Experts are of the belief that the fall in Sensex this late afternoon was mainly led by heavyweight Reliance Industries, private lenders and select IT stocks. 

A decline in the share prices of HDFC twins comprising of HDFC Bank and Housing Development Finance Corporation (HDFC), Infosys, Reliance Industries (RIL) and ICICI Bank triggered the fall in sensex during the late afternoon trade. 

Shares of Reliance Industries slipped as much as 2.6 per cent to an over one-month low of Rs 1,891.15 after US e-commerce giant Amazon.com sought to block Future Group's $3.4 billion retail asset sale to the conglomerate. As per the Reuters report, the e-commerce giant requested an Indian court to enforce a Singapore arbitrator's order that Reliance's deal with the Future Group be put on hold. 

Adding to the pressure, market analysts believe that investors at the current trend are preffering to take profits off the table ahead of the Union Budget and F&O expiry.