EconomyMetals take a dip while Sensex sinks 470 points...

Metals take a dip while Sensex sinks 470 points on profit booking

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Mumbai (Maharashtra, India): Equity benchmark indices closed one percent lower on Monday as traders booked profits during the second half of the session across all sectors.

The BSE S&P Sensex was down by 470 points or 0.96 percent at 48,564 while the Nifty 50 slipped by 152 points or 1.06 percent to 14,281.

All sectoral indices at the National Stock Exchange were in the red zone with Nifty metal dipping by 4 percent, pharma by 2.7 percent, PSU bank by 2.4 percent and realty by 2 percent.

Among stocks, Tata Motors was the top loser with a fall of 6 percent to close at Rs 244.50 per share.

Tata Steel dropped by 5.8 percent to Rs 665 per share while Hindalco and JSW Steel cracked by 4.2 percent each.

The other prominent losers were ONGC, IndusInd Bank, Sun Pharma, Power Grid Corporation, Bajaj Finance and State Bank of India.

However, agrochemicals manufacturer UPL gained by 6.2 percent to Rs 555 per share and Reliance Industries advanced by 1.8 percent to Rs 1,972.80. Titan, HDFC Bank, Eicher Motors and ITC too traders with a positive bias.

Meanwhile, Asian share markets pared early losses as data confirmed China’s economy had bounced back last quarter due to a jump in factory output.

China’s Shanghai Composite Index edged up 0.84 percent while Japan’s Nikkei slipped 0.97 percent and away from a 30-year high.

South Korea’s Kospi was down by 2.33 percent as soaring Covid-19 cases offset investor hopes of a quick economic recovery.

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