Nifty Settles At 16450; Nifty Metal Plunges By A Sharp Over 6%

Markets in line with the global markets saw a weak start and tumbled to as low as 16,509 after powering to 16,700 levels in the previous trading day. The fall has been more to do with the global cues wherein Fed is seen to taper its asset buying programme which will have an impact all emerging markets including India. India VIX on the fall climbed by 9.22% to above 14.

At the close, Sensex ended lower by 300 points at 55,329 while Nifty just managed to hold at 16,450, diving 0.71%.

Nifty Settles At 16450; Nifty Metal Plunges By A Sharp Over 6%

While there are divided views on markets going ahead, in a weak market today, set of Nifty gainers have been FMCG majors with swift buying seen in them, including scrips such as HUL, Nestle and Britannia among others.

Losers in trade today have been primarily the metal stocks including Tata Steel, JSW Steel, Hindalco etc.

Among Nifty sectoral indices, the most jolt came in the metal pack of close to 6% as at the time of writing this report, with a drag on all of the constituents of up to 8% on NMDC and Vedanta. Other Nifty sectoral indices that saw a fall in the range of 2.5 to over 3% were the pharma, PSU Bank, realty sectors among other.

Meanwhile, there was a breaking news that Niti Aayog for the divestment plans may come up with a dashboard that will list the roadmap as well as the timeline.

European stocks meanwhile like other peers traded in the red, while Asian markets closed at the lowest since November 2020.

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