Extreme volatility gripped the markets today as the benchmark indices — S&P BSE Sensex and Nifty50 — swung in gains and losses all through the day. The BSE Sensex closed 237 points, or 0.46 per cent, higher at 51,598 on Monday, after hitting a high of 51,715 and a low of 51,063 intra-day. On the NSE, the Nifty50 shut shop at 15,530, up 57 points or 0.37 per cent. The index remained in the range of 15,191 to 15,383 during the day. This was the first gain for benchmark indices in seven days.
HUL, HDFC, HDFC Bank, Infosys, TCS, and Asian Paints helped lift the benchmark indices as the heavyweights surged between 1 per cent and 4 per cent. On the flipside, Tata Steel, RIL, L&T, SBI, and Axis Bank exerted pressure by falling up to 4.6 per cent.
In the broader markets, MRPL, Chennai Petrochemicals, Mirza International, Ramco Systems, Oil India, HAL, JSW Energy, and Tata Power slumped up to 19 per cent on the BSE.
Sectorally, the Nifty Metal, and Oil and Gas indices sunk over 3 per cent each, while the PSB index dropped over 2 per cent. On the higher side, the Nifty FMCG index added around 2 per cent.
Shares of metal companies reeled under severe pressure on Monday with the S&P BSE Metal index hitting a 15-month low amid demand slowdown concerns. Tata Steel, Hindalco Industries, Jindal Steel and Power (JSPL), NMDC and Vedanta have shed up to 35 per cent in the past one month.
“Positive trends in the global markets inspired domestic market to trade positively with large caps gaining the most while mid & small caps continued to trade with cuts. Prevailing inflationary pressure and concerns over policy tightening limited the upside. Among the sectors, metals were the top laggard due to a sharp fall in commodity prices along with a fall in global & domestic demand,” Vinod Nair, head of research at Geojit Financial Services.
Global Cues
Read all the Latest News , Breaking News , watch Top Videos and Live TV here.
Comments
0 comment