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Closing Bell: Sharp knock in metal stocks lead Nifty to end below 16,300

Closing Bell: Sharp knock in metal stocks lead Nifty to end below 16,300

Closing Bell: Sharp knock in metal stocks lead Nifty to end below 16,300
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By CNBCTV18.com May 23, 2022 4:01:49 PM IST (Published)

The 30-share BSE Sensex index ended at 54,289, down 38 points or 0.07 percent while the broader NSE Nifty50 closed at 16,215, down 51.5 points or 0.3 percent. Amid sectoral indices, Nifty Metal Index cracked over 8 percent, while the Nifty Auto added 2 percent.  

Indian equity benchmark indices erased all intra day gains on Monday and ended flat with a negative bias on Monday amid selling in index heavyweights like Tata Steel, HDFC twins, and ITC.

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The 30-share BSE Sensex index ended at 54,289, down 38 points or 0.07 percent while the broader NSE Nifty50 closed at 16,215, down 51.5 points or 0.3 percent.
Divis Labs, Hindalco, ONGC, Ultratech Cement, ITC, Adani Ports, UPl, Grasim, and HDFC Bank were the mojor laggards - down between 1 percent and 10 percent.
Maruti Suzuki, M&M, HUL, L&T, Apollo Hospitals, Asian Paints, and Hero MotoCorp were the major gainers.
In the broader market, the BSE MidCap index slipped 0.16 percent, while the BSE SmallCap index shed 0.64 percent.
Amid sectoral indices, Nifty Metal Index cracked over 8 percent, while the Nifty Auto added 2 per cent.
Shares of ITC Ltd slumped about 2 percent on Monday on reports saying the government is looking at selling its stake in the company to meet its disinvestment target. According to a report by The Economic Times, the Centre is considering selling its stakes in Hindustan Zinc and ITC among others to meet the disinvestment target for the current fiscal. (Read here
)
Metal stocks went into a tailspin on Monday, with the sector gauge Nifty Metal falling more than 6 percent in early trade. Coupled with a fall in global metal prices, India's move to impose a 15 percent export duty on steel dampened steel companies' growth outlook. (Read here)
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