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Sensex makes a sharp U-turn to finish 64 points lower

Source: PTI
May 03, 2021 16:25 IST
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Titan was the top loser in the Sensex pack, shedding over 4 per cent, followed by IndusInd Bank, Reliance Industries, Axis Bank, Kotak Bank, ONGC, ITC and ICICI Bank.

NSE Nifty closed 3.05 points higher at 14,634.15.

Market benchmark Sensex staged a smart recovery from the day's low to end with marginal losses on Monday amid a negative trend in global equities.

After plunging over 750 points in early trade, the 30-share BSE index made a U-turn to finish 63.84 points or 0.13 per cent lower at 48,718.52.

 

In a similar movement, the broader NSE Nifty closed 3.05 points or 0.02 per cent higher at 14,634.15.

Titan was the top loser in the Sensex pack, shedding over 4 per cent, followed by IndusInd Bank, Reliance Industries, Axis Bank, Kotak Bank, ONGC, ITC and ICICI Bank.

On the other hand, Bharti Airtel, HUL, Maruti, Bajaj Finance, Asian Paints and NTPC were among the gainers.

"Domestic equities recovered sharply from day's low despite weak global cues.

"While growing uncertainties about collection efficiency and asset quality of banks/NBFCs dragged heavy weight financials, strong buying in FMCG and metals supported recovery in markets," said Binod Modi, Head Strategy at Reliance Securities.

While persistent rise in second wave of COVID-19 cases has weighed on investors' sentiments, steady corporate earnings with positive managements' commentaries offered support to markets, he noted.

Active COVID-19 cases in India rose to 34,13,642 against 33,49,644 on Sunday, according to a Health Ministry update Monday morning.

Elsewhere in Asia, bourses in Hong Kong and Seoul ended on a negative note. Stock exchanges in Shanghai and Tokyo were closed for holidays.

Photograph: Danish Siddiqui/Reuters

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