Stocks

Late-hour selling pushes Sensex below 50,000

Our Bureau Mumbai | Updated on May 20, 2021

Nifty ends below 15,000 as metal, financial stocks drag

Benchmark indices, after moving in a narrow range during the most part of the day, closed sharply lower on late-hour selling, dragged by metals and financials.

The BSE Sensex closed at 49,564.86, down 337.78 points or 0.68 per cent. It hit an intra-day high of 50,099.17 and a low of 49,496.78. The Nifty 50 closed at 14,906.05, down 124.10 points or 0.83 per cent. The broader index moved between high of 15,069.80 and a low of 14,884.90 during the day.

The breadth of the market remained positive with 1,640 stocks advancing, 1,449 declining and 159 remaining unchanged on the BSE. As many as 420 securities hit the upper circuit and 175 the lower circuit; 314 hit their 52-week high while 27 touched 52-week low.

Binod Modi, Head Strategy at Reliance Securities said: “Domestic equities corrected for second consecutive day as selling pressure in financials, FMCG and metals dragged Nifty below 15,000. Further, weak global cues led by increasing apprehensions among investors post release of FOMC meeting minutes also weighed on sentiments. Metal stocks witnessed heavy selling pressure after China’s move to curb commodity prices in the country.”

Cipla, Mahindra & Mahindra, BPCL, IndusInd Bank and Titan were among the top gainers on the Nifty 50 while Tata Steel, Hindalco, Coal India, Britannia and ONGC were among the top laggards.

Sectoral indices in the red

On the sectoral front, all indices except Nifty PSU Bank and Nifty Realty closed in the red while metals continued to remain under pressure.

Nifty Metal was down 3.21 per cent. Financials also extended losses further in the second half with Nifty Bank down 1.04 per cent and Nifty Financial Services down 0.93 per cent at closing. Nifty Private Bank was down 0.99 per cent.

Nifty FMCG was down 0.73 per cent, meanwhile Nifty PSU Bank was up 0.36 per cent at closing. Nifty Realty was up 1.02 per cent.

Broader indices

Broader indices also closed in the red.

Nifty Midcap 50 was down 0.29 per cent while Nifty Smallcap 50 was down 0.04 per cent.

The S&P BSE Midcap was down 0.16 per cent while the S&P BSE Smallcap was up 0.22 per cent.

Notably, the volatility index rose 1.73 per cent to 19.65.

Published on May 20, 2021

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