Sensex gains 41 points at closing, Nifty below 14,700

Our Bureau Mumbai | Updated on May 14, 2021

Metal stocks slump on profit-taking

Benchmark indices ended flat on Friday, dragged by profit-booking in metals.

Market remained relatively calm, despite positive global cues as investors remained cautious Covid-19 concerns and lockdown in key states.

While the 30-pack BSE Sensex after hitting an intraday low of 48,473.43 closed in the green at 48,732.55, up 41.75 points or 0.09 per cent. The Nifty 50 closed in the red at 14,677.80, down 18.70 points or 0.13 per cent.

The BSE Sensex hit a day’s high of 48,898.93 while Nifty 50 recorded the high at 14,749.65 and hit a low of 14,591.90.

The breadth of the market was in favour of the decliners with 1,689 stocks declining, 1,401 advancing and 150 remaining unchanged on the BSE. As many as 418 securities hit the upper circuit and 175 the lower circuit; 265 hit their 52-week high while 34 touched 52-week low.

Binod Modi, Head Strategy at Reliance Securities, said, “Domestic equities were volatile today and oscillated between gains and losses.”

“While assurance of 2 billion jabs to be available by Dec’21 by government, rollout of Sputnik vaccine from next week and possible joint production with global vaccine manufacturers in India offer comfort, elevated positivity rate and rising Covid-19 cases in hinterlands of the country may continue to weigh on investors’ sentiments and prevent market to take any decisive up-move,” said Modi.

Asian Paints, UPL, ITC, Nestle India and L&T were the top gainers on the Nifty 50 while Coal India, Tata Motors, Tata Steel, Hindalco and IndusInd Bank were among the top laggards.

Sectoral and broader indices

On the sectoral front, all indices except Nifty FMCG were in the red. The Nifty FMCG index was up 2.13 per cent.

Nifty Metal was the biggest loser, plunging 3.76.

Auto, realty and PSU bank also lagged behind. Nifty Realty was down 3.19 per cent at closing while Nifty Auto was down 2.03 per cent. Nifty PSU Bank was down 2.03 per cent.

All broader indices also close in the red. Midcap and smallcap stocks witnessed heavy profit-booking.

Nifty Midcap 50 was down 1.74 per cent while Nifty Smallcap 50 was down 1.38 per cent. The S&P BSE Midcap index was down 1.14 per cent while the S&P BSE Smallcap was down 1.18 per cent.

The volatility index rose 0.93 per cent to 20.27.

“Baring FMCG, all key sectoral indices traded in red. Heavy profit booking was seen in midcap and small cap stocks. Notably, metals continued to see heavy profit booking as recent softening in international prices weighed on investors’ sentiments,” said Modi.

Published on May 14, 2021

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