Sensex Gives Up 50,000, Ends Lower By Nearly 200 Points

The S&P BSE Sensex had surpassed the 50,000 mark for the first at opening bell on the back of better-than-anticipated corporate earnings, sustained buying by foreign institutional investors

Sensex Gives Up 50,000, Ends Lower By Nearly 200 Points

At 3:15 pm, the BSE Sensex was trading at 49,649.52, lower by 148.55 points or 0.28 per cent

The BSE Sensex ended nearly 200 points lower, after crossing the 50,000 milestone in the morning session, due to panic-selling in the last hour of trade on news reports of a massive fire at the Pune-based Serum Institute of India, the manufacturer of Covidshield vaccine. 

The benchmark S&P BSE Sensex tanked 785 points from record high levels of 50,184 registered in opening trading to hit an intra-day low of 49,399 and the Nifty shed more than 300 points to touch an intra-day low of 14,517.25 on account of selling across the board.

The BSE Sensex recouped some of its losses towards close to end at 49,624.76, lower by 167.36 points or 0.34 per cent and the NSE Nifty ended at 14,590.35, down 54.35 points or 0.37 per cent. The broader markets also ended in the red, with the BSE Midcap and Smallcap indices declining 0.88 per cent and 0.68 per cent respectively. 

All the key sectoral indices ended in the red, with the metal and auto indices shedding around 2 per cent each on the BSE.

Earlier in the day, the S&P BSE Sensex had surpassed the 50,000 mark for the first time and went on to touch record highs of 50,184 on the back of better-than-anticipated corporate earnings, sustained buying by foreign institutional investors and hopes of bold economic reforms in the upcoming budget, which the finance minister has promised will be “like never before.” 

"Sustained foreign inflows along with better-than-expected earnings and hopes of strong conomic reforms from the upcoming Budget are supporting the upmove in the Sensex," AK Prabhakar, head of research at IDBI Capital told NDTV.

ONGC was the top loser among the BSE stocks, shaving off more than per cent to end at Rs 94.70 on the BSE. Tata Steel, Coal India, Bharti Airtel and GAIL lost 3.7 per cent to 2.20 per cent each on the BSE. Cipla, SBI and NTPC were the other significant losers.

On the other hand, Tata Motors closed at a new high and topped the list of gainers on the BSE. The auto major soared by 5.7 per cent to Rs 290.60. Reliance Industries ended higher by 2.1 per cent at Rs 2,099.40 after the market regulator SEBI approved its Rs 24,713-crore deal to buy Future Group's retail assets. Bajaj Finance, Bajaj Auto and Eicher Motors also added around 2 per cent each.

The BSE market breadth ended weak. Out of 3,188 stocks traded on the BSE, there were 1108 advancing stocks as against 1912 declines.