Markets trade lower; Sensex below 47,500, Nifty tests 14,250; Metal outperforms; Dr Reddy's Lab, Sun Pharma, ONGC top gainers

In terms of sectoral indices, metal stocks outperformed while pharma stocks added substantial gains. Banking and auto stocks were the worst hit.

Apr 22, 2021 09:04 IST India Infoline News Service

Stock Market Down
The expeditious rise in the Coronavirus pandemic in India has hindered its economic growth going forward as business activities are once again disrupted due to new restrictions imposed by major states to tackle the infection. With Covid cases clocking over the 3 lakh mark in a single day, the Indian markets traded on a nosedive position on Thursday after a one-day holiday. In early deals, Sensex has underperformed by more than 500 points with an intraday low of 47,204.50, while Nifty 50 slumped around 145 points with an intraday low of 14,151.40.

The surge in Covid cases has also offset the corporate earnings season gains.

At around 09.50 am, Sensex was trading at 47,495.98 down by 209.82 points or 0.44%. Nifty 50 performs at 14,249.85 lower by 46.55 points or 0.33%.

Sensex gainers were - Dr Reddy's Lab surging 1.2% followed by Sun Pharma and ONGC advancing by over 1% each. HCL Tech and Infosys jumped by 0.8% and 0.7% respectively.

Meanwhile, Sensex underperformers were - IndusInd Bank slipping by 2.9% followed by Asian Paint diving 2.6% and HUL dipping by 2.2%.  Stocks like Nestle, Titan, M&M and Axis Bank shed between 1-2%.

Companies that are set to announce their March 2021 quarterly result today and will be in focus are - Cyient, Indus Towers, Rallis India, Sasken Technologies, Tata Elxsi, Visaka Industries, Amal, Fineotex Chemical, Filatex India, Hindustan Bio Sciences, Indbank Merchant Banking Services, and Ind Bank Housing.

In terms of sectoral indices, metal stocks outperformed while pharma stocks added substantial gains. Banking and auto stocks were the worst hit.

In the last 24 hours, India recorded 3,14,835 new cases with 2,104 deaths. This led total tally to 1,59,30,965 with a toll of 1,84,6571,84,657.

Asia stocks were broadly in the green except for India's Sensex and China's Shanghai Composite. Japan's Nikkei 225 outperformed by soaring nearly 2%. The Asian shares tracked a sharp rally in the U.S. equities which snapped a two-day drop driven by gains from companies that stand to benefit the most from an economic revival. 

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