Sensex falls 642pts from day's high, ends 38pts down; Tata Steel bleeds 12%

CLOSING BELL: The sharp knock in metal stocks came after he government levied export duty on 11 iron and steel intermediates and key steel products.

Image SI Reporter New Delhi
stock market, women, woman, female, gender, workplace, markets, trading, nse, bse, sensex, nifty, rally


Stock market highlights: 
Equity markets turned sharply lower in the fag-end of the session, erasing gains and ending flat with a negative bias on Monday amid selling in index heavyweights like Tata Steel, HDFC twins, Reliance Industries, and ITC.

The BSE Sensex index, which hit a high of 54,931 on the BSE, fell 642 points from the day's high and ended at 54,289, down 38 points or 0.07 per cent. The NSE Nifty50, on the other hand, closed at 16,215, down 51.5 points or 0.3 per cent. The index hit a high of 16,415 earlier today.

JSW Steel and Tata Steel were the worst hit stocks today as they plunged 13 per cent and 12 per cent, respectively. The sharp knock came after he government levied export duty on 11 iron and steel intermediates and key steel products. The government levied export duty of 15 per cent on almost all the major steel products (including stainless steel). READ MORE

That apart, Divis Labs, Hindalco, ONGC, Ultratech Cement, ITC, Adani Ports, UPl, Grasim, and HDFC Bank were the other laggards, down between 1 per cent and 10 per cent. 

On the upside, Maruti Suzuki, M&M, HUL, L&T, Apollo Hospitals, Asian Paints, and Hero MotoCorp were the gainers, rising in the range of 1.5 per cent to 4 per cent.

In the broader market, the BSE MidCap index slipped 0.16 per cent, while the BSE SmallCap index shed 0.64 per cent. Sectorally, Nifty Metal Index cracked over 8 per cent, while the Nifty Auto added 2 per cent.   

4:05 PM

Technical view: Kunal Shah - Senior Technical & Derivative Analyst at LKP Securities

The Nifty metal index on the back of government policy news witnessed a massive sell-off. The Index is trading at a very crucial support of 5,100 and if fails to sustain above it will lead to a further sell-off. The upside resistance stands at 5,800 and the index remains in a sell-on-rise mode.

hybrid funds
4:00 PM

Market view: Vinod Nair, Head of Research at Geojit Financial Services

The government and RBI are making persistent efforts to moderate future inflation. Government fiscal measures like a hike in custom duty on steel and similar steps on other products in the future will help to control inflation. However, the hawkish monetary and fiscal measures adopted by RBI & Government will have a cascading effect on market & economy in the short to medium-term.

3:55 PM

Closing bell: Over 1,900 stocks declined whereas 1,452 advanced

3:50 PM

Closing bell: HPCL, JSW Steel among stocks that hit 52-week low

3:46 PM

Closing bell: Nifty Metal worst sectoral performer, sinks over 8%

3:44 PM

Closing bell: JSW Steel, Tata Steel, Divi's Lab top Nifty 50 losers

3:41 PM

Closing bell: M&M, Maruti Suzuki, HUL top Nifty 50 gainers

3:39 PM

Closing bell: Broader markets subdued; India Vix climbs above 1%

3:38 PM

Closing bell: Metal stocks bleed; Auto, IT stocks shine

3:36 PM

Closing bell: 11 out of 30 Sensex stocks close in negative territory

3:35 PM

Closing bell: Nifty 50 closes below 16,250 levels

3:30 PM

Govt likely to stick to fiscal deficit target, says RBI Governor Das

Shaktikanta Das says RBI wants to raise rates in the next few MPC meetings, at least at the next one in June. READ HERE

RBI governor Shaktikanta Das

3:30 PM

Closing bell: Sensex closes flat, down over 500 pts from day's high

3:15 PM

Indian Hotels unveils 'Ahvaan 2025' for profitable growth; stock gains 4%

The company aims to build a portfolio of 300 hotels, clock 33 per cent EBITDA margin with 35 per cent EBITDA share contribution from new businesses and management fees by FY 2025-26. READ HERE

IHCL announces launch of new Taj Hotel with branded residences in Chennai

3:07 PM

Aether Industries' IPO opens on Tuesday: Should you subscribe?

Analysts believe that Aether's multiple chemistry competencies to use for a wide array of products makes it a distinguished market player than other chemical companies. READ HERE

Premium valuations for specialty chemicals to sustain on multiple tailwinds

2:54 PM

India set to be leader in green hydrogen: Petroleum Minister Puri

Union Petroleum and Natural Gas Minister Hardeep Puri said said special emphasis is being given on green hydrogen, biofuel blending and exploration and production of biofuel from alternative sources. READ HERE

Hardeep Singh Puri
2:44 PM

Tata Power, Tata Motors to develop 7MWp solar rooftop in passenger vehicles

Tata Power and Tata Motors have collaborated to develop a 7 MWp solar rooftop project at the latter's passenger vehicle plant in Chikhali, Pune. READ HERE


2:36 PM

Jet Airways hires senior executives as it prepares to take wing again

The Kalrock-Jalan consortium which is reviving the grounded airline on Monday announced the appointment of senior executives in charge of engineering, inflight product and services, sales, and digital. READ MORE

Jet Airways

2:30 PM

Oil prices at $110/barrel pose 'bigger threats' than inflation: Puri

"If oil prices remain at $110 (per barrel) you are not just talking about inflation, then you're talking about bigger threats. You know, that's where the R (recession) word comes in," Puri told CNBC TV18 in an interview at Davos.
"And if the global economy goes in that direction, everyone, including the oil producers, everyone will have to face the consequences then inflation," he said. READ MORE
2:30 PM

Adani Power, Chennai Petroleum, HAL among stocks that hit 52-week high

First Published: May 23 2022 | 08:14 AM IST

Explore News