Markets closed with steep losses; Sensex closes below 50,000 & Nifty slips 78 point

After rallying over the past two days in the positive zone, the domestic equity barometers ended with steep losses after a volatile session on Wednesday, May 19, 2021.

The S&P BSE Sensex declined 290.69 points or 0.58 per cent to end at 49,902.64. The Nifty 50 index defended the crucial 15,000-mark and closed 77.95 points or 0.52 per cent lower at 15,030.15. The Nifty Bank index lost 237.20 points or 0.70 per cent and closed at 33,685.20.

In the broader market space, the S&P BSE MidCap and SmallCap indices ended 0.53 per cent and 0.35 per cent higher, respectively.

Buyers outpaced sellers. On the BSE, 1794 shares rose and 1268 shares fell. On the NSE, the Nifty 50 index, 22 shares advanced and 27 shares declined, while one share remained unchanged. The top five gainers were Coal India (up 3.45 per cent), Cipla (up 2.05 per cent), Sun Pharma (up 1.90 per cent), UPL (up 1.64 per cent) and Nestle India (up 1.46 per cent). The top five losers were Tata Motors (down 5.52 per cent), Bajaj Finserv (down 1.77 per cent), Mahindra & Mahindra (down 1.76 per cent), HDFC (down 1.67 per cent) and JSW Steel (down 1.62 per cent).

COVID-19 Update

Total COVID-19 confirmed cases worldwide were at 16,42,44,659 with 34,04,925 deaths. India reported 32,26,719 active cases of COVID-19 infection and 2,83,248 deaths while 2,19,86,363 patients have been discharged, data showed. India reported a total of 2,67,334 COVID-19 cases in the last 24 hours. It marks the third consecutive day when cases have come below the 3-lakh mark. The country recorded its highest one-day death toll of 4,529 deaths.

US Housing drops

US housing starts tumbled 9.5 per cent to a seasonally adjusted annual rate of 1.569 million units last month, the Commerce Department said on Tuesday. Data for March was revised lower to a rate of 1.733 million units, still the highest level since June 2006, from the previously reported 1.739 million units.

Inflation in Britain

Britain's inflation rate doubled in April, marking the beginning of a surge in prices that will fuel speculation about when the Bank of England could start taking its foot off the stimulus pedal. Consumer prices rose 1.5 per cent from a year earlier last month after a 0.7 per cent gain in March, the Office for National Statistics said on Wednesday. The reading was in step with economists' expectations. The April figures were mainly driven by a jump in domestic energy prices and clothing.