Sunday , May 9 2021

Sensex sees 690 pts recovery, ends 64 pts down; Nifty inches up to 14,634 led by metals and FMCG

Market benchmark Sensex staged a smart recovery from the day’s low to end with marginal losses on Monday amid a negative trend in global equities.

After plunging over 750 points in early trade, the 30-share BSE index made a U-turn to finish 63.84 points or 0.13 percent lower at 48,718.52.

In a similar movement, the broader NSE Nifty closed 3.05 points or 0.02 percent higher at 14,634.15.

Titan was the top loser in the Sensex pack, shedding over 4 percent, followed by IndusInd Bank, Reliance Industries, Axis Bank, Kotak Bank, ONGC, ITC, and ICICI Bank.

On the other hand, Bharti Airtel, HUL, Maruti, Bajaj Finance, Asian Paints, and NTPC were among the gainers.

“Domestic equities recovered sharply from the day’s low despite weak global cues. While growing uncertainties about collection efficiency and asset quality of banks/NBFCs dragged heavyweight financials, strong buying in FMCG and Metals supported the recovery in markets,” said Binod Modi, Head Strategy at Reliance Securities.

While the persistent rise in the second wave of COVID-19 cases has weighed on investors’ sentiments, steady corporate earnings with positive managements’ commentaries offered support to markets, he noted.

Active COVID-19 cases in India rose to 34,13,642 against 33,49,644 on Sunday, according to a Health Ministry update Monday morning.

Elsewhere in Asia, bourses in Hong Kong and Seoul ended on a negative note. Stock exchanges in Shanghai and Tokyo were closed for holidays.

European markets were largely trading with losses in mid-session deals.

Meanwhile, international oil benchmark Brent crude was trading 0.63 percent lower at USD 66.34 per barrel.

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