Sensex hits 3-week low, ends 1,145 pts down; Nifty holds 14,650; metals up

Stock market updates: Indices were painted in the red for fifth consecutive session as weak global cues, rising bond yields, and fears of Covid-19-led lockdown came to haunt the bulls on the Street. The frontline indices nursed the maximum loss (in absolute terms) in nearly two-months today with the benchmark S&P BSE Sensex sinking 1,262 points in the intra-day trade while the Nifty50 lost 345 points.

At close, the BSE barometer of the 30-share index settled at a 3-week low of 49,744 levels, down 1,145 points or 2.25 per cent. Only three counters -- ONGC, Kotak Mahindra Bank, and HDFC Bank -- were ruling up to 1 per cent higher. On the downside, Tech M (down 5 per cent), M&M and Dr Reddy's Labs (down around 4.5 per cent each), RIL, IndusInd Bank, Axis Bank, and TCS (down 4 per cent each), and Maruti Suzuki (down 3 per cent) were the top laggards.

On the NSE, the Nifty50 index managed to end above the 14,650-mark at 14,676, down 306 points or 2 per cent. About 40 stocks cracked on the index while 10 advanced. Adani Ports, JSW Steel, Hindalco, Tata Steel, and ONGC were the winners.

The broader markets, however, felt lesser pain with the S&P BSE MidCap and SmallCap indices closing 1.34 per cent and 1 per cent down, respectively.

On the sectoral front, metal stocks dazzled at the bourses amid improved outlook in the copper market. The Nifty Metal index ended in the green, up 1.6 per cent on the NSE with Hindustan Copper, Ratnamani Metals, Hindalco, JSW Steel, and MOIL closing up to 14 per cent higher.

On the downside, the Nifty Realty, PSU banks, Pharma, IT, and Media indices declined by 3 per cent, while the Nifty Private Bank, FMCG, Financial Services, and Banks' index closed 2 per cent down.

Global markets
World shares sank on Monday as expectations for faster economic growth and inflation battered bonds and boosted commodities, while rising real yields made equity valuations look more stretched in comparison.