The Indian stock market witnessed a decline on Thursday, July 22, 2021, as the benchmark index Sensex shed 53 points in volatile trade amid weak global cues. However, metal stocks shone as IT sector faltered.
At opening, the BSE Sensex was trading at 52,874.47 points, down by 36.75 points or 0.07%. The Nifty50 index also opened in the red at 15,819.80, down by 5.10 points or 0.03%.
During the initial hours of trading, the Sensex and Nifty50 moved in a narrow range as investors were cautious amid mixed global cues. However, as the session progressed, the indices started to slip into negative territory due to weak global cues.
Among the sectors, metal stocks continued their upward trend with Hindalco Industries, Tata Steel, and JSW Steel gaining up to 3%. The rally in metal stocks can be attributed to the rise in global metal prices amid supply constraints.
On the other hand, the IT sector witnessed selling pressure with TCS, Infosys and Wipro declining up to 1%. The fall in IT stocks can be attributed to the strengthening of the Indian rupee against the US dollar.
Apart from the metal and IT stocks, banking, auto, and pharma stocks also witnessed selling pressure. On the other hand, FMCG and realty stocks remained in the green zone.
The Indian stock market has been witnessing volatility in the recent sessions due to a surge in COVID-19 cases around the world, concerns over the economic recovery, and the ongoing quarterly earnings season.
The Sensex and Nifty50 have been trading in a narrow range for the past few sessions as investors have been cautious amid mixed cues. On Wednesday, July 21, 2021, the Sensex ended 139.62 points or 0.26% higher at 52,928.51, while the Nifty50 closed at 15,824.05, up 32.10 points or 0.20%.
In summary, the Indian stock market witnessed a decline on Thursday amid weak global cues as the benchmark index Sensex shed 53 points in volatile trade. However, metal stocks shone while the IT sector faltered. The market has been witnessing volatility due to various factors, including the ongoing pandemic and concerns over the global economic recovery.
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