May 16, 2021

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Sensex, Nifty Recover From Early Slide

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Indian shares ended narrowly mixed on Monday after a sharp gap-down opening as the Supreme Court urged the Centre and states “to consider imposing a lockdown to break the chain in the interest of public welfare.”

Industry body CII has also urged the government to take “strongest” national steps including curtailing economic activity to contain the spike in COVID-19 cases in the country.

As daily coronavirus cases near the 4 lakh mark, Crisil said the impact of state-announced restrictions is more clearly showing up across high frequency indicators.

The benchmark S&P 30-share BSE Sensex hit as low as 48,028.07 before ending the session down 63.84 points, or 0.13 percent, at 48,718.52.

The broader NSE Nifty index ended up 3.05 points at 14,634.15 after hitting an intraday low of 14,416.25.

Titan Company shares slumped 4.6 percent post Q4 results, while BPCL, Axis Bank and IndusInd Bank dropped 1-2 percent.

Heavyweight Reliance Industries fell nearly 2 percent after its quarterly profit missed Street estimates.

Kotak Mahindra Bank fell over 1 percent despite the private sector lender reporting a 33 percent year-on-year increase in standalone profit in the quarter ended March 2021.

On the positive side, Maruti Suzuki India, Tata Steel, Adani Ports, Bharti Airtel and SBI Life climbed 2-5 percent.

Shriram City Union Finance surged 8.7 percent after its quarterly profit nearly doubled.

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2021-05-03 06:46:27

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