Updated: January 18, 2021 4:19:09 pm
The benchmark equity indices on the BSE and National Stock Exchange (NSE) fell around 1 per cent lower on Monday amid weak cues from the global market and broad-based selling across all sectors.
The S&P BSE Sensex fell 470.40 points (0.96 per cent) to settle at 48,564.27, while the broader Nifty 50 declined 152.40 points (1.06 per cent) to end at 14,281.30.
In the previous session on Friday, the Sensex had slumped 549.49 points (1.11 per cent) to finish at 49,034.67. The Nifty had tumbled 161.90 points (1.11 per cent) to end at 14,433.70.
Infosys, Housing Development Finance Corporation (HDFC) and ICICI Bank were the biggest index contributors to Sensex’s fall on Monday, while Reliance Industries (RIL) and HDFC Bank were the key gainers of the day. (see heatmap below)
All the sectoral indices on the NSE ended in a sea of red on Monday. The Nifty Metal index was the worst performer of the day, ending 4.08 per cent lower weighed by Steel Authority of India (SAIL), Jindal Steel & Power and Hindustan Copper. It was followed by the Nifty Pharma index that fell 2.77 per cent on Monday dragged by Sun Pharmaceutical Industries, Cadila Healthcare and Lupin.
Here’s how the sectoral indices performed:
In the broader market, the S&P BSE MidCap index settled at 18,524.83, down 379.31 points (2.01 per cent), while the S&P BSE SmallCap ended at 18,329.79, down 352.33 points (1.89 per cent).
“The market has got choppy ahead of the upcoming union budget and due to weakness in an expensive global market. A good part of the economic gains is well factored in by the upside of the last 11 weeks. A short-term correction was being anticipated for some time, it will be welcome for the market on a long-term basis,” said Vinod Nair, Head of Research at Geojit Financial Services.
Global stock markets sank on Monday as soaring COVID-19 cases offset investor hopes of a quick economic recovery, while the Chinese economy posted a better-than-expected rebound in the fourth quarter of 2020.
European stocks as measured by the STOXX 600 index opened 0.3 per cent weaker, after failed merger talks between French retailer Carrefour and Alimentation Couche-Tard.
Germany’s DAX fell 0.2 per cent, France’s CAC 40 index fell 0.3 per cent and Italy’s FTSE MIB index slipped 0.3 per cent. Britain’s FTSE 100 index fell 0.1 per cent.
In Asia, Chinese blue chips gained 0.8 per cent after the economy was reported to have grown 6.5 per cent in the fourth quarter, on a year earlier, topping forecasts of 6.1 per cent.
Elsewhere in Asian markets, Japan’s Nikkei slipped 0.8 per cent and away from a 30-year high.
MSCI’S All Country World Index, which tracks stocks across 49 countries, fell 0.1 per cent, down for a second session after hitting record highs only last week.
E-Mini futures for the S&P 500 dipped 0.2 per cent, though Wall Street will be closed on Monday for a holiday.
–global market input from Reuters
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