Sensex plunges tracking global markets as bank, metal stocks weigh on Dalal Street
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Last Updated: May 11, 2021, 10:40 AM IST
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The S&P BSE Sensex index tanked as much as 514.23 points to 48,988.18 in the first few minutes of trade.
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NEW DELHI: A sharp sell-off in tech stocks in the US on fears of rise in inflation clipped wings of high-flying bulls on Dalal Street on Tuesday. Selling in metals and banks pushed bluechip indices lower.
The sell-off in tech stocks in NASDAQ yesterday might is unlikely to become a trend, given the reversal of domestic institutional selling witnessed from June 2020 through Feb 2021, said an analyst. They have now become net buyers on the Street.
Stick to market leaders, recovery won t help second-rung stocks: Saurabh Mukherjea
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Last Updated: May 07, 2021, 04:45 PM IST
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Barring pharma and FMCG, all other types of consumption will see a pretty significant hit, says star fund manager Saurabh Mukherjea.
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Metals continue to be a rip-roaring theme. Is the best of the rally behind us?
I am not an expert on commodity prices, which is actually driving the share prices of metals and mining stocks. We can sit here and try to quantify earnings growth of Indian metals and mining stocks but the main engine of share price of metal stocks like Tata Steel or JSW Steel, is the price on the London Metal Exchange or in the global commodity markets. They are on a tear because of roaring economic recoveries in America, Europe and China. To that extent, we are in the early stages of a global economic recovery. It could be that there is more steam left in metal prices, but I am no expert in that.
Sensex wobbles around flatline as Covid cases fall slightly. What else is impacting market
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ONGC was the top gainer on the 50-scrip index, up 1.76 per cent.
The S&P BSE Sensex index rose as much as 278.01 points to touch 48,996.53 in early deals.
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NEW DELHI: Dalal Street started Tuesday s session with some gains as investors witnessed a drop in total coronavirus infections, but benchmark indices slipped below the flatline with risks still remaining high.
This bull market, which has been climbing many walls of worries, is likely to remain resilient supported by positive news on the Covid front, said an analyst. The latest data indicates plateauing of the Covid curve and a steady decline in Covid numbers in 13 states including Maharashtra.
The week that was: ICICI Bank, Axis Bank rally on earnings; Britannia slumps The week that was: ICICI Bank, Axis Bank rally on earnings; Britannia slumps
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MUMBAI: Benchmark equity indices clocked nearly 2 per cent gains last week, despite shedding about 2 per cent on Friday, helped by hopes of limited impact of the ongoing COVID-19 surge on the economy and acceleration in COVID-19 vaccination.
The Nifty50 and BSE-Sensex index each rose nearly 2 per cent, helped by rebound in banks and index majors like Reliance Industries.
Steel, pharmaceutical and bank stocks dominated the gains in the market during the week. In the broader market, too, gains were widespread as Nifty Midcap 100 index rose 3 per cent and Nifty Smallcap 100 climbed 4 per cent.