Benchmark indices remained under pressure as selling in pharma and select financial stocks pulled them lower. S&P BSE Sensex cracked below the 50,000 mark for the first time in nearly three weeks.

Indices have been consolidating for a while, however, all dips are being bought eventually. Foreign institutional investors have continued to pour money into India, providing massive support to the market rally.

“The rise in the US 10-year bond yield to 1.36 per cent reflects the markets’ concern about a potential rise in inflation. The ultra-easy monetary policy along with the $1.9 trillion fiscal stimulus proposed by the Biden administration may trigger inflation, which has been conspicuous by its absence for long,” said VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

He added, “Back home, the escalation in Covid cases in Maharashtra is emerging as a cause of concern. These concerns have impacted FPI flows to the market which, though positive, appears to be slowing down. Clear trends on these concerns have to be watched.”

In the 50-share pack Nifty, Hindalco was the biggest gainer, up 3.83 per cent. JSW Steel, ONGC, Tata Steel, HDFC Bank, Adani Ports, BPCL, Grasim Industries and Asian Paints were among other gainers.

M&M was the top loser in the pack, down 1.83 per cent. L&T, HDFC, Coal India, Eicher Motors, TCS, Maruti Suzuki, Divi’s Labs, HCL Technologies and Bajaj Finance were other losers in the pack.