Stock Market Highlights: Sensex plunges 470 points, Metal stocks drag

Stock Market Highlights: Sensex plunges 470 points, Metal stocks drag

The benchmark indices closed around day’s lows dragged by metal stocks, with the Nifty closing below 14,300 and the Sensex below 48,600 level.

At close, the Sensex was down 470.40 points or 0.96 per cent at 48,564.27 and the Nifty was down 152.40 points or 1.06 per cent at 14,281.30.

About 900 shares have advanced, 2074 shares declined and 144 shares remain unchanged.

On the Nifty 50 Index, UPL (7.43 per cent), Reliance (2.40 per cent), Titan Company (1.78 per cent) and HDFC Bank (1.12 per cent) were the top gainers for the day, while Tata Steel (-5.55 per cent), Tata Motors (-5.51 per cent), ONGC (-4.68 per cent) and Hindalco (-4.03 per cent) were the top losers for the day.

All the sectoral indices ended in the red. The Metal index was down by (-4.08 per cent), followed by Nifty Pharma, Nifty Realty and Nifty Auto which were also down by more than 2 per cent each.

The BSE Midcap and Smallcap indices also lose 2 per cent each.

Author’s View: Nifty forms a bearish marubozu on daily charts. This indicates that a correction is underway. The nearby support levels for Nifty are 14,130, 14,000 and 13,800.

Disclaimer:  The view/s expressed above are only for educational/awareness purpose. or the author of the post bears no liability for any losses suffered by following any advice posted on the website. You are solely responsible for making your own investment decisions.

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