Global rout sends Sensex 525 pts lower; metal index tumbles 7%, PSU bank 4%
21/09/2021
Mumbai, sep 20: Tracking a rout in the global markets, the benchmark indices tumbled for the second day on Monday.
Investors were spooked by a possible spillover of China's Evergrande's debt woes, fall in commodity prices and ahead of US Federal Reserve policy meet outcome.
Both the indices ended the volatile session near day's low. The BSE Sensex shed 525 points to end at 58,491 while the NSE Nifty closed the day at 17,397, down 188 points. Only six of 30 Sensex stocks ended in the green, mainly from the FMCG and financial space.
Sectorally, barring the Nifty FMCG index all indices ended in the red. Nifty Metal tumbled the most followed by the Nifty PSU Bank index, down 6.6 per cent and 4.18 per cent, respectively. Nifty Realty, Bank, Pharma also tanked nearly 2 per cent each.
The fall in broader markets was more pronouned as the BSE Midcap index plunged 1.84 per cent and the BSE Smallcap 1.8 per cent.
Index continued to show profit booking for the second consecutive session and closed a day at 17397 with loss of more than one percent forming a bearish candle on the daily chart.
The index has now immediate support at 17300 followed by 17200 zone which will be trend changing level on the downside if managed to hold above-said levels one can expect a good pullback failing to hold can change the immediate trend to down, on the higher side strong hurdle is coming near 17450-17500 zone also any move around said levels will be again profit booking opportunity.
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