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Markets reverse 4-day winning streak amid caution ahead of US Fed meet; metal stocks take plunge

04:08 PM Jun 16, 2021 | FPJ Web Desk

The benchmark Sensex index fell 271 points, or 0.51 percent, to close at 52,501.98 on Wednesday. The Nifty ended 102 points, or 0.64 percent, lower at 15,767.55.

The BSE Midcap index closed 0.95 percent lower and the smallcap index fell 0.68 percent.

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The BSE Metal index fell 2.58 percent, and was the top loser among the sectoral indices. BSE Basic Materials, energy, industrials, telecom, capital goods, consumer durables, power and realty indices fell over a percent each.

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The benchmark Indices closed on a negative note with Sensex (-)0.51 percent and Nifty 50 (-)0.64 percent. Major indices retreated from a record high on account of profit booking, said Mohit Nigam, Head-PMS, Hem Securities.

Metal stocks are witnessing profit booking from the intra-day high after the news came that China will soon release some base metals from state stockpiles. As per the recent media report the activity is picking up in the passenger vehicle market after several weeks as states have started unwinding restrictions. Out of around 25,000 auto retail outlets in India, more than 20,000 were open on Tuesday.

Tata Consumer Products, NTPC and Nestle were among the top gainers in Nifty 50 while Adani Ports, Tata Steel and JSW Steel were among the top losers in Nifty 50 today. Immediate support and resistance are intact at 15,600 and 15,850 for Nifty 50.

Asian markets down

Asian market declined with investors awaiting a policy decision from the Federal Reserve.

Mohit Nigam, Head, PMS - Hem Securities for Wednesday June 16

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