Sensex slips 341 pts amid global sell-off; broader indices up
The S&P BSE MidCap and SmallCap indices gained 0.60 per cent and 0.80 per cent, respectively
 "Stock broker, broker, trader, woman investor, market, markets, stock markets, stock, market crash, market fall, loss")
Stock market updates: Markets remained in a firm bear grip on Tuesday as Dalal Street investors participated in-line with global peers. Asian tech stocks tumbled as investors feared that soaring commodity prices that have sent the cost of raw materials from copper to iron ore and lumber to record heights are the latest indicator that inflation may not be as transitory as some policymakers seem convinced.
Consequently, MSCI's broadest index of Asia-Pacific shares outside Japan down 1.6 per cent in afternoon trade, its largest drop since late March while Japan's Nikkei slid 3.16 per cent. The Hang Seng tech index, meanwhile, fell 3 per cent.
In Europe, the pan-European STOXX 600 index fell 1.9 per cent while the main bourses in Frankfurt, Paris and London all lost close to 2 per cent.
That apart, on the coronavirus front, the World Health Organization said the coronavirus variant first identified in India last year was being classified as a variant of global concern, with some preliminary studies showing that it spreads more easily.
Against this backdrop, the frontline S&P BSE Sensex shedded 341 points, or 0.69 per cent, to end the session at 49,162 levels. During the day, the index traded within a range of 49,304 and 48,988 levels.
Kotak Mahindra Bank (down 3 per cent) was the biggest index loser today, trailed by HDFC, Tech Mahindra, HUL, Bajaj Finserv, Titan Company, and Bajaj Finance. On the contrary, NTPC, ONGC, PowerGrid, Sun Pharma, UltraTech Cement, and SBI were the top gainers, up between 1 per cent and 5 per cent.
On the NSE, the Nifty50 index held the 14,850-mark today and settled at 14,851 levels, down 92 points or 0.61 per cent. The index breadth remained neck and neck with 28 stocks in the red against 22 stocks in the green. JSW Steel, Hindalco, Wipro, and Divis Labs were the additional losers on the Nifty index while Coal India, Indian Oil Corporation, BPCL, and UPL were the additional gainers.
The broader markets, however, remained resilient to the market fall and ended higher today. The S&P BSE MidCap and SmallCap indices gained 0.60 per cent and 0.80 per cent, respectively.
4:57 PM
TECH VIEW :: Rohit Singre, Senior Technical Analyst at LKP Securities
Index opened a day with a strong gap down but managed to hold its bullish stream since the start of the day and closed a day at 14847 with loss of nearly one per cent. The index has a stiff hurdle on the higher side near 14900-15000 zone any daily close above 15k mark can only activate the overall bullish stream otherwise we may again see selling pressure from higher-end, supports are coming near 14775-14700 zone holding above said levels structure will be positive
4:51 PM
TECH VIEW :: Nagaraj Shetti, Technical Research Analyst at HDFC Securities
The decline of Tuesday seems to have dampen the effort of bulls to stage upside breakout of the hurdle at 15 K mark. The overall chart pattern indicate limited decline from here and a formation of higher bottom formation and subsequent upside bounce in the market from the lows. Immediate support is placed at 14750 and on the higher side 14970 could act as immediate resistance.
4:42 PM
MARKET CLOSING COMMENT :: Vinod Nair, Head of Research at Geojit Financial Services
Rising commodity prices, like international steel price, are at a record high which has instilled a fear in the world market of rising inflation. Global markets are retreating in anticipation of future interest rates hikes, in which the technology sector will be heavily impacted as it has benefitted the most during a pandemic. Indian metal stocks witnessed mild profit booking while buying interest is seen in PSE stocks
4:28 PM
TECH VIEW :: Sumeet Bagadia, Executive Director at Choice Broking
Technically, the nifty index traded below the falling trendline as well as the upper band of Bollinger formation on the daily chart, which acts as an immediate resistance for the counter. However, the nifty has given a closing above 50 DMA and Ichimoku Cloud formation, which points out bullish strength in the index. At present, the nifty index is holding support at 14700 levels while an upside resistance seems at 15000 levels.
4:22 PM
MARKET CLOSING COMMENT :: Deepak Jasani, Head of Retail Research at HDFC Securities
The Indian benchmark equity indices broke a four-day winning streak on May 11. Nifty opened gap down due to weak global cues, but inched up gradually through the day with some volatility. At close the Nifty50 was down 0.61% or 91.60 points to 14,850.75.
Volumes on the NSE were above recent averages. Among sectors Oil & Gas, Power were the main gainers while Metals, IT and Banks were the main losers.
Nifty fell but did not close at the intra day lows. In fact Nifty was among the most outperforming indices across Asia having fallen among the least. Advance decline ratio continues to be positive suggesting broad-based buying in the markets. The fact that May 10 was the first day in recent times when the total Covid cases fell in India helped sentiments improve. 14744-14892 is the band for Nifty in the near term.
4:14 PM
MARKET CLOSING COMMENT :: Shrikant Chouhan, Executive Vice President, Equity Technical Research at Kotak Sec
Technically, on intraday charts the market has formed a lower top kind of formation, but at the same time the Nifty took the support near its 50-day SMA which is broadly positive for the market. We are of the view that, post strong uptrend rally, bulls may prefer to take a temporary pause near 14950/ 49500 and because of weak global market conditions the market likely to consolidate between 14750 to 14900/ 48500-49300 price range. For the day traders, 14900/49300 would be the key level to watch out, above the same we can expect continuation of uptrend wave up to 14965-15000/ 49800-50000. On the flip side, trading below 14800/ 48990 could trigger one more leg of correction till 14750/ 48500.
4:05 PM
MARKET RECAP :: S Ranganathan, Head of Research at LKP Securities
On a day when markets corrected due to weak global cues ahead of CPI expected tomorrow, we witnessed plenty of action in the PSU space. The broader market saw immense action in the AGRI space with several stocks posting handsome gains
4:00 PM
NSE Snapshot :: Nifty PSU Bank index ends at top gainer
3:56 PM
NSE Snapshot :: Nifty Financial Services index ends at top laggard
3:54 PM
NSE Snapshot :: Top Nifty50 gainers today
3:52 PM
Rupee Closing
Rupee ends at 73.34 per US dollar vs Monday's close of 73.35/$
3:51 PM
Stocks that dragged the Sensex lower today
3:48 PM
Broader market :: S&P BSE SmallCap outshines large-, mid-cap peers
3:47 PM
Broader market :: BSE MidCap index ends 0.6% higher
3:44 PM
Sectoral trends on the NSE
Topics : MARKET WRAP Markets Sensex Nifty50
Don't miss the most important news and views of the day. Get them on our Telegram channel
First Published: May 11 2021 | 7:55 AM IST
