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.
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.
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.
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.
Closing bell: Over 1,900 stocks declined whereas 1,452 advanced
Closing bell: HPCL, JSW Steel among stocks that hit 52-week low
Closing bell: Nifty Metal worst sectoral performer, sinks over 8%
Closing bell: JSW Steel, Tata Steel, Divi's Lab top Nifty 50 losers
Closing bell: M&M, Maruti Suzuki, HUL top Nifty 50 gainers
Closing bell: Broader markets subdued; India Vix climbs above 1%
Closing bell: Metal stocks bleed; Auto, IT stocks shine
Closing bell: 11 out of 30 Sensex stocks close in negative territory
Closing bell: Nifty 50 closes below 16,250 levels
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First Published: May 23 2022 | 08:14 AM IST