Profit taking in metal and pharma stocks in afternoon deals, as investors exhibited nervousness on regional lockdowns, accentuated the weakness on Dalal Street. In the broader market, paper stocks were in demand on hardening pulp prices, said S Ranganathan of LKP Securities.
The 30-share pack Sensex fell 465.01 points or 0.95 per cent to close at 48,253.51, after moving in a range of 847 points during the session. Its broader peer NSE Nifty declined 137.65 points or 0.94 per cent to settle at 14,496.50.
“Indian bourses failed to hold onto their gains owing to weak international markets. As technology heavyweights continued to weigh on Wall Street equities, US futures slipped while European stocks struggled for direction. On the Indian front, gains in public sector banks were offset by weakness in pharma and auto stocks,” said Vinod Nair, Head of Research at Geojit Financial Services.
Market at a glance:
- Private banks, financials see selling on reports about appeal for moratorium
- Sugar stocks see profit booking after massive rally
- Tata Chemicals plunges 10% after dull show in March quarter
- Home First Finance rallies 4% as March quarter profit surges 2.5 times
- Nifty PSU Bank sole sectoral gainer on NSE, boosted by PNB, BoB
Among the blue chip stocks, SBI Life Insurance was the top gainer for a second straight day, rising 2.65 per cent. Bharat Petroleum, ONGC, Adani Ports, Bajaj Finance and TCS were other gainers.
Tata Consumer was the top loser in the Nifty pack, falling 4.30 per cent. Cipla, Dr Reddy’s Labs, , Divi’s Labs, Sun Pharma, Hindalco, HDFC and were other stocks that ended in the red.
Broader market indices ended lower as well but managed to fare better than their headline peers. Nifty Smallcap rose 0.89 per cent and Nifty Midcap declined 0.39 per cent. Nifty 500, the broadest index on NSE, dropped 0.80 per cent.
Bank of Baroda, Union Bank of India, Bank of India, Cyient, Indian Bank and NBCC were top gainers from mid- and small-cap indices, climbing in the range of 4-7 per cent.
Balrampur Chini Mills, Alkyl Amines, Gujarat Narmada Fertilisers, Tata Chemicals, L&T Tech Services and Dhani Services were major losers from the broader market space, falling in the range of 3-10 per cent.
Barring Nifty PSU Bank, which surged 3.44 per cent, all sectoral indices on NSE ended in the red. Nifty Pharma was the top loser, rising 2.02 per cent. Nifty Auto and Nifty Financial Service registered losses in the range of about 1 per cent.
Market breadth was in favour of losers as 1,383 stocks ended in the green while 1,585 scrips settled with cuts. As many as 292 securities hit 52-week highs, mostly from the small-cap space. Meanwhile, 30 counters hit 52-week lows, mostly from the micro-cap space. About 300 stocks hit upper circuit limits and 201 lower circuit limits.
European markets were trading on a mixed note at the last count. London-based FTSE was up 0.71 per cent and Paris 0.55 per cent, but Frankfurt declined 0.24 per cent. In Asia, Hong Kong, South Korea and Indonesia gained, whereas other markets closed in the red.
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