Sensex slips below 50,000 on profit booking
Jan 21, 2021
Mumbai (Maharashtra) [India], Jan 21 : The S&P BSE Sensex crossed historical milestone of 50,000 in Thursday's session as benchmark indices scaled fresh lifetime highs but closed 0.4 per cent lower as traders booked profit in the last hour of trading.
Expectations of turnaround in the economy post Covid vaccinations and continued foreign portfolio investor (FPI) inflows led to gains for Indian markets in a globally low interest scenario.
The bull run on D-Street in morning session was also on the back of favourable global cues as investors hoped for more economic stimulus from new US President Joe Biden.
At the closing bell, however, the S&P BSE Sensex was down by 167 points or 0.34 per cent at 49,625 while the Nifty 50 tumbled by 54 points or 0.37 per cent to 14,590.
Except for Nifty auto, all sectoral indices at the National Stock Exchange closed in the negative zone with Nifty PSU bank losing by 3.1 per cent, realty by 2.5 per cent and metal by 2 per cent.
Among stocks, ONGC slipped by 3.3 per cent to Rs 95.55 per share while Tata Steel lost by 2.9 per cent. Coal India, GAIL, Cipla, IndusInd Bank, SBI Life and NTPC too lost between 2 and 3 per cent.
However, Tata Motors gained by 6.3 per cent to close the day at Rs 292.45 per share.
Reliance Industries gained by 2.55 per cent to Rs 2,107 per share after the market regulator Securities and Exchange Board of India (SEBI) gave a go-ahead to Future Group's scheme of arrangement and sale of assets to the Mukesh Ambani-led conglomerate.
Kishore Biyani-led Future Enterprises and Future Retail were up by 4.9 per cent to Rs 12.01 and Rs 81.35 per share respectively.
The other prominent gainers were Bajaj Finance, Bajaj Finserv, Bajaj Auto, UPL, Britannia and Asian Paints.
Meanwhile, Asian stocks rose to new record highs tracking US markets as investors hoped for more economic stimulus from newly inaugurated US President Joe Biden to offset damage wreaked by Covid-19 pandemic.
Hong Kong's Hang Seng breached the 30,000 level but closed 0.12 per cent lower while Japan's Nikkei was up by 0.82 per cent. The rises in Asia followed fresh record highs on Wall Street overnight.
The Dow Jones Industrial Average rose by 0.83 per cent, the S&P 500 gained by 1.39 per cent and the Nasdaq Composite added 1.97 per cent.
