Sensex snaps four-day winning streak skids 340 points; Nifty holds 14,850

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Tracking global sell-off benchmark Indian equity indices ended in the red snapping a four-day winning streak. At close, Sensex was down 340 points or 0.69% at 49,161, and the Nifty50 sank 91 points or 0.61% to 14,850.

Kotak Mahindra Bank, HDFC, Tech Mahindra, Bajaj Finance and Titan lost up to 3%. On the upside, NTPC, ONGC, PowerGrid, Sun Pharma and UltraTech Cement jumped anywhere between 1.25-4.6%.

On the sectoral front, Nifty Auto & Nifty Realty were the only two indices in the green gaining 0.22% & 0.29%, respectively. Nifty Metal index lost the most tumbling 0.92% followed by Nifty Bank sinking 0.82%, Nifty IT, Nifty Pharma & Nifty FMCG lost in the range of 0.20-0.65%.

The broader markets showed resilience as BSE MidCap and BSE SmallCap indices gained 0.60% and 0.80%, respectively. Even the market breadth remained in favor of bulls as 1,159 shared advanced compared to 766 shares declining and 332 scrips remained unchanged.

“On a day when markets corrected due to weak global cues ahead of CPI expected tomorrow, we witnessed plenty of action in the PSU space. The broader market saw immense action in the AGRI space with several stocks posting handsome gains,” said S Ranganathan, Head of Research at LKP Securities.

Global markets:

Shares in Europe and Asia declined on Tuesday, 11 May 2021, following a sell-off in tech stocks that weighed down major U.S. indexes overnight.

In the US, technology shares led the broader market lower on Monday as investors dumped high-flying Big Tech stocks, pushing the Dow Jones Industrial Average and the S&P 500 off their record highs.

Investors around the world are also focused on the latest inflation data this week. US inflation data will release on Wednesday amid growing concerns that the Federal Reserve will be prompted to tighten its monetary policy stance as prices rise along with the reopening of the global economy.