India's benchmark equity indices declined sharply in early trade on Monday as surge in inflation dented investors' sentiment.
Consumer Price Index or retail inflation rose steeply in March to 6.95 per cent, which was above Reserve Bank of India's upper tolerance band of 6 per cent for three consecutive months.
At 9.36 a.m., Sensex was at 57,368 points, down 970 points or 1.66 per cent, whereas Nifty at 17,220 points, down 256 points or 1.46 per cent.
As of 10:30 a.m., Sensex declined to 57,106.94 or 1,231.99 points down (2.11%) while Nifty was down to 17,140.30 or 335.35 points down (1.92%).
For fresh cues, all eyes would be on the Q4 earnings of India Inc.
Otherwise, Maruti Suzuki has notified price hike of about 1.3% on blended basis across its product profile. The new prices will be effective from 18th April 2022 and is corresponding to rise in various input costs, said reports.
