Indices extend loss; Sensex slips over 500 points; Hotel stocks in focus

Hotel companies stock was in focus on hopes of business revival following unlocking of the economy and pick-up in travel.

Sep 20, 2021 03:09 IST India Infoline News Service

Equity benchmark indices extended losses in the last hour of the trading session on Monday, dragged by sharp selling in metals and banking stocks. Broader markets underperformed the frontliners as the midcap and smallcap indices are trading over a per cent lower each.

The Nifty Metal index plunged the most over 5.5% followed by Nifty PSU Bank falling over 3% and auto, financial services, pharma and energy indices down over a per cent each. However, FMCG and media are in the green.

The Nifty Metal index was down 5.7% as National Aluminium Company, Tata Steel, and Jindal Steel was among the worst performers, falling more than 8% each. SAIL was down 5.91%.

Meanwhile, hotel companies stock was in focus on hopes of business revival following unlocking of the economy and pick-up in travel.

EIH, Taj GVK Hotels & Resorts and Chalet Hotels stock climbed in the range on 10-14%, whereas Indian Hotels Company (IHCL) also zoomed to hit a record high on the BSE in an otherwise weak market. The rating agency ICRA on September 2, reaffirmed ratings of IHCL’s non-convertible debenture programme of Rs300cr and revised outlook to stable from negative.

Further, Sensex slipped over 503 points at 58,512.70 and the Nifty slipped 172 points at 17,413.05.

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