Sensex Slumps Over 400 Points; Metals, Financials Weak

The domestic stock market seemed on course to snap a four-session rally, on the back of weakness in metal and financial shares; the Nifty Metal index has dropped 3 per cent and Nifty Bank index slid 1.6 per cent

The domestic stock markets remained under pressure in noon trading, seeming on course to snap a four-session rally, on the back of weakness in metal and financial shares. At 1:35 pm, the BSE Sensex was trading at 49,029.65, weaker by 470.31 points or 0.96 per cent and the NSE Nifty was at 14,808.25, down 134.75 points or 0.89 per cent. The broader markets are out-performing their largecap peers, with the BSE Midcap index and BSE Smallcap index gaining 0.1 per cent and 0.6 per cent respectively. The Nifty Metal index has dropped 3 per cent post a four-day rally to record highs and the Nifty Bank index slid 1.6 per cent. The Sensex and Nifty had gained about 2.5 per cent and 3 per cent respectively over the last four sessions, amid abundant liquidity and on pandemic relief measures. Meanwhile, the rupee slumped 18 paise to 73.53 against the US dollar in early trading tracking weak domestic equities and strong American currency. At the interbank foreign exchange, the domestic unit opened lower at 73.47 against the dollar, and lost further ground and touched 73.53, registering a fall of 18 paise over its previous close. On Monday, the rupee had closed at 73.35 against the US dollar.