Nifty, Sensex May Continue To Be Under Pressure - Wednesday’s Closing Report
Moneylife Digital Team 20 October 2021
Inflationary concerns as well as mixed global cues subdue India's key equity indices on Wednesday. Rising crude oil prices along with mixed Asian markets also dented investors' sentiments. The S&P BSE Sensex ended 456 points or 0.74% down at at 61,259.96, while the Nifty 50 closed at 18,266.60, down 152.15 points or 0.83%.
Index heavyweights like Reliance Industries (RIL) Infosys, HDFC Bank, Hindustan Unilever (HUL) and Larsen & Toubro (L&T) dragged the benchmark. 
Titan was the top loser in the Sensex pack, shedding 2.97%. It was followed by HUL, NTPC, Bajaj Finserv, L&T and PowerGrid. Gainers on the 30-share benchmark were Bharti Airtel (up 4%), State Bank of India (SBI), IndusInd Bank, Bajaj Finance and Axis Bank. 
The benchmarks opened flat today, tracking favourable global cues. However, profit booking in select index stocks pushed the benchmarks lower as the day progressed. 
Nifty Metal index fell 2.06% weighed by Hindustan Copper and Vedanta. The Nifty Realty index too cracked 2.16% due to a fall in Macrotech Developers and Indiabulls Real Estate. The Nifty Pharma index fell 1.44% dragged by Gland Pharma and Strides Pharma Science.
Globally, stocks extended their gains as healthy corporate earnings offset worries over high energy prices and supply chain bottlenecks. Bourses in Hong Kong and Tokyo ended with gains, while Shanghai and Seoul were in the red. Stock exchanges in Europe were trading mixed in mid-session deals.
Volumes on the NSE remained high but all sectoral indices except telecom ended in the red. Nifty fell for the second day in a row on today as profit taking across the board led to Indian markets being the worst performer in the Asian region once again. 
Nifty closed at almost an intra-day low for the second session, while advance decline ratio continued to be sharply negative. Profit booking was witnessed across the market as the valuations for many stocks touched unrealistic levels. 
Stocks termed as quality are either overpriced or priced near perfection, thus leaving very little margin for safety, say experts. Sectorally, BSE consumer durables, basic materials, metal, utilities and power indices lost as much as 3.36%, while telecom closed in the green. 
Top gainers and losers on Nifty 50 were: 
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