Sensex falls 300 points, Nifty ends below 16,500; metal stocks bleed

Indian benchmark equity indices closed in the red on Friday amid a negative trend in the global markets. Sensex ended 300.17 points or 0.54% lower at 55,329.32, while the broader NSE Nifty declined 118.35 points or 0.71% to 16,450.50. Tata Steel, shedding over 8%, was the top laggard in the Sensex pack, followed by SBI, Dr Reddy’s, Kotak Bank, Sun Pharma, Bajaj Auto and L&T. On the other hand, HUL, Asian Paints, Nestle India and Bajaj Finance were among the gainers. All sectoral indices on the NSE barring Nifty FMCG closed in the red. Nifty Metal, plummeting nearly 6.5%, was the top sectoral laggard followed by Nifty Media, Nifty Realty and Nifty PSU Bank. Rise in Delta variant cases in various parts of the world and increasing concern about sustainability of ongoing economic recovery globally led to heavy profit-booking in metal stocks. In Asia, bourses in Shanghai, Hong Kong, Tokyo and Seoul ended with deep losses. Equities in Europe were also trading in the red in mid-session deals.