Indian shares fell notably on Wednesday, with a cautious commentary by Tata Motors’ management and weak global cues weighing on sentiment.
Global cues were weak amid lingering worries that a persistent overshoot in inflation might force central banks to tighten their easy monetary policies.
On the COVID-19 front, the daily recoveries exceeded the number of daily new cases for the sixth consecutive day, but the death count over the past 24 hours stood at 4,529, the highest daily toll of any country since the pandemic began.
The benchmark 30-share BSE Sensex ended the session down 290.69 points, or 0.58 percent, at 49,902.64 while the broader NSE Nifty index dropped 77.95 points, or 0.52 percent, to 15,030.15.
Tata Motors plunged 5.5 percent after it reported a surprise consolidated net loss of Rs 7,605 crore for the March quarter.
JSW Steel, HDFC, Mahindra & Mahindra and Bajaj FinServ gave up 1-2 percent.
Bharti Airtel fell 1.6 percent to extend losses after delivering disappointing ARPU figures.
Among the prominent gainers, Nestle India, UPL, Sun Pharma, Cipla and Coal India rose 1-3 percent.
Indian Oil Corporation added 1.4 percent after its March quarter profit beat analyst estimates.
Adani Green Energy jumped 3.6 percent after announcing an acquisition.
The BSE Sensex could hit 61,000-levels by December 2021 in a bull case scenario, said Morgan Stanley. That indicates an upside of 22 percent for the BSE frontline index from the current levels of 50,000.
The brokerage house predicted that the Sensex could hit the 55,000 levels, indicating a 10 percent upside, even in a base case scenario.
In the bear case scenario, it pegs the Sensex at 41,000 levels by December 2021.
Market Analysis
Sensex Ends Down 290 Points; Nifty Ends At 15,030
2021-05-19 11:09:24
