Wednesday 24 May 2017

Sensex, Nifty shed gains to close lower on tepid sentiment; Metal shares fall

The key indices  Sensex and Nifty ended the session on a negative terrain in a volatile trade, dragged by fall in midcaps amid rising concern over cross border tensions. The BSE Sensex  went down 63.61 pts at 30,301.64, while the NSE Nifty-50 index ended 16.40 pts lower at 9,369.75. Sentiment was dampened by growing Indo-Pak tensions. Moody's down-grading of credit rating on China hurt the risk appetite.
Metal shares fall after Moody's downgraded debt rating of China. Steel Authority of India falls 4.37%, Bhushan Steel dipped 3.99%, Hindustan Zinc tanked 3.7%, Hindustan Copper fell 3.2%, NMDC sunk 3.06%, Vedanta went down 3.01% among many other metal majors.
The market breadth was negative with 697 advancing shares against a decline of 2,022 shares, and there were 151 shares unchanged.
Tata Motors was the star performer today, along with Tata Motors DVR and GAIL India  on both indices, while, BHEL, L&T, Bank of Baroda and Bharti Infratel were losing sheen.

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