Sensex loses 338 pts amid sharp selloff in metal stocks
While selling pressure in most of the financial space also dented the sentiment of Dalal Street investors, buying interest in real estate and PSU bank names offered some respite.
The S&P BSE Sensex index slumped 337.78 points – or 0.68 per cent – to close at 49,564.86 and the broader NSE Nifty 50 benchmark settled at 14,906.05, down 124.10 points – or 0.83 per cent – from its previous close.
In the Nifty50 universe,
fell the most, ending with a cut of 5.10 per cent for the day. Hindalco, Coal India, Britannia, ONGC, Indian Oil and Sun Pharma – ending between 2.15 per cent and 4.24 per cent lower – were among other laggards.
On the flipside, Cipla was the top gainer in the 50-scrip pack, closing 2.38 per cent higher. Mahindra & Mahindra, Bharat Petroleum, IndusInd Bank, Titan and SBI were other top performers among 14 gainers.
Analysts awaited more quarterly earnings announcements from India Inc for cues.
China, the world’s biggest metal user, said on Wednesday that it would strengthen its management of commodity supply and demand to curb “unreasonable” increases in prices. Metal stocks in India had seen meaty gains in April and early May as commodity prices soared.
Meanwhile, the daily additions in Copvid-19 infections stayed below the 3,00,000 mark.
Elsewhere in Asia, equities paused after minutes from the US central bank’s latest policy meeting showed a few Fed officials were ready to consider changes to monetary policy based on a continued strong economic recovery.
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