Sensex, Nifty close in red | Check top gaining shares
India Today
Nifty 50 index was down 0.32 per cent or 51.45 points at 16,214.70 at close, while the S&P BSE Sensex 0.07 per cent or 37.78 points to 54,288.61.
The Sensex and Nifty closed lower on Monday after a volatile session, weighed down by a sell-off in metal stocks after the government imposed heavy export taxes on steel products, while gains in automobile stocks helped cap some of the losses.
The NSE Nifty 50 index was down 0.32 per cent or 51.45 points at 16,214.70 at close, while the S&P BSE Sensex 0.07 per cent or 37.78 points to 54,288.61.
The Nifty Metal index, which saw its worst day since March 2020 in the session, settled 8.1 per cent lower. JSW Steel and Tata Steel were the top losers on the Nifty 50 index, falling 13.2 and 12.6 per cent, respectively, as per a Reuters report.
The government on Saturday announced a series of changes to the tax structure levied on fuel and crucial commodities in a bid to help fight surging inflation.
The country imposed an export tax of 15 per cent on eight steel products at a time steelmakers are looking to make up for tepid local demand by increasing market share in Europe, whose supplies have been hit by Russia's invasion of Ukraine.
The Nifty Auto index rose 1.8 per cent, as automakers stand to benefit from lower input costs following the tax changes. Maruti Suzuki India and Mahindra and Mahindra were the top gainers on the Nifty 50, rising 4 per cent each.
Among individual stock moves, Divi's Laboratories and TTK Healthcare Ltd fell 9.5 per cent and 10.5 per cent, respectively, after their quarterly results.
