Sensex slips 341 pts amid global sell-off; broader indices up

Topics MARKET WRAP | Markets | Sensex

Stock market updates: Markets remained in a firm bear grip on Tuesday as Dalal Street investors participated in-line with global peers. Asian tech stocks tumbled as investors feared that soaring commodity prices that have sent the cost of raw materials from copper to iron ore and lumber to record heights are the latest indicator that inflation may not be as transitory as some policymakers seem convinced. 

Consequently, MSCI's broadest index of Asia-Pacific shares outside Japan down 1.6 per cent in afternoon trade, its largest drop since late March while Japan's Nikkei slid 3.16 per cent. The Hang Seng tech index, meanwhile, fell 3 per cent. 

In Europe, the pan-European STOXX 600 index fell 1.9 per cent while the main bourses in Frankfurt, Paris and London all lost close to 2 per cent.

That apart, on the coronavirus front, the World Health Organization said the coronavirus variant first identified in India last year was being classified as a variant of global concern, with some preliminary studies showing that it spreads more easily.

Against this backdrop, the frontline S&P BSE Sensex shedded 341 points, or 0.69 per cent, to end the session at 49,162 levels. During the day, the index traded within a range of 49,304 and 48,988 levels.

Kotak Mahindra Bank (down 3 per cent) was the biggest index loser today, trailed by HDFC, Tech Mahindra, HUL, Bajaj Finserv, Titan Company, and Bajaj Finance. On the contrary, NTPC, ONGC, PowerGrid, Sun Pharma, UltraTech Cement, and SBI were the top gainers, up between 1 per cent and 5 per cent.

On the NSE, the Nifty50 index held the 14,850-mark today and settled at 14,851 levels, down 92 points or 0.61 per cent. The index breadth remained neck and neck with 28 stocks in the red against 22 stocks in the green. JSW Steel, Hindalco, Wipro, and Divis Labs were the additional losers on the Nifty index while Coal India, Indian Oil Corporation, BPCL, and UPL were the additional gainers.

The broader markets, however, remained resilient to the market fall and ended higher today. The S&P BSE MidCap and SmallCap indices gained 0.60 per cent and 0.80 per cent, respectively.

LIVE UPDATES

TECH VIEW :: Rohit Singre, Senior Technical Analyst at LKP Securities

Index opened a day with a strong gap down but managed to hold its bullish stream since the start of the day and closed a day at 14847 with loss of nearly one per cent. The index has a stiff hurdle on the higher side near 14900-15000 zone any daily close above 15k mark can only activate the overall bullish stream otherwise we may again see selling pressure from higher-end, supports are coming near 14775-14700 zone holding above said levels structure will be positive

TECH VIEW :: Nagaraj Shetti, Technical Research Analyst at HDFC Securities

The decline of Tuesday seems to have dampen the effort of bulls to stage upside breakout of the hurdle at 15 K mark. The overall chart pattern indicate limited decline from here and a formation of higher bottom formation and subsequent upside bounce in the market from the lows. Immediate support is placed at 14750 and on the higher side 14970 could act as immediate resistance.

MARKET CLOSING COMMENT :: Vinod Nair, Head of Research at Geojit Financial Services

Rising commodity prices, like international steel price, are at a record high which has instilled a fear in the world market of rising inflation. Global markets are retreating in anticipation of future interest rates hikes, in which the technology sector will be heavily impacted as it has benefitted the most during a pandemic. Indian metal stocks witnessed mild profit booking while buying interest is seen in PSE stocks

TECH VIEW :: Sumeet Bagadia, Executive Director at Choice Broking

Technically, the nifty index traded below the falling trendline as well as the upper band of Bollinger formation on the daily chart, which acts as an immediate resistance for the counter. However, the nifty has given a closing above 50 DMA and Ichimoku Cloud formation, which points out bullish strength in the index. At present, the nifty index is holding support at 14700 levels while an upside resistance seems at 15000 levels.
 

MARKET CLOSING COMMENT :: Deepak Jasani, Head of Retail Research at HDFC Securities

The Indian benchmark equity indices broke a four-day winning streak on May 11. Nifty opened gap down due to weak global cues, but inched up gradually through the day with some volatility. At close the Nifty50 was down 0.61% or 91.60 points to 14,850.75.
 
Volumes on the NSE were above recent averages. Among sectors Oil & Gas, Power were the main gainers while Metals, IT and Banks were the main losers.
 
Nifty fell but did not close at the intra day lows. In fact Nifty was among the most outperforming indices across Asia having fallen among the least. Advance decline ratio continues to be positive suggesting broad-based buying in the markets. The fact that May 10 was the first day in recent times when the total Covid cases fell in India helped sentiments improve. 14744-14892 is the band for Nifty in the near term.          

MARKET CLOSING COMMENT :: Shrikant Chouhan, Executive Vice President, Equity Technical Research at Kotak Sec

Technically, on intraday charts the market has formed a lower top kind of formation, but at the same time the Nifty took the support near its 50-day SMA which is broadly positive for the market. We are of the view that, post strong uptrend rally, bulls may prefer to take a temporary pause near 14950/ 49500 and because of weak global market conditions the market likely to consolidate between 14750 to 14900/ 48500-49300 price range. For the day traders, 14900/49300 would be the key level to watch out, above the same we can expect continuation of uptrend wave up to 14965-15000/ 49800-50000. On the flip side, trading below 14800/ 48990 could trigger one more leg of correction till 14750/ 48500.

MARKET RECAP :: S Ranganathan, Head of Research at LKP Securities

On a day when markets corrected due to weak global cues ahead of CPI expected tomorrow, we witnessed plenty of action in the PSU space. The broader market saw immense action in the AGRI space with several stocks posting handsome gains

NSE Snapshot :: Nifty PSU Bank index ends at top gainer


NSE Snapshot :: Nifty Financial Services index ends at top laggard


NSE Snapshot :: Top Nifty50 gainers today


Rupee Closing

Rupee ends at 73.34 per US dollar vs Monday's close of 73.35/$

Stocks that dragged the Sensex lower today


Broader market :: S&P BSE SmallCap outshines large-, mid-cap peers


Broader market :: BSE MidCap index ends 0.6% higher


Sectoral trends on the NSE


Sensex Heatmap at Close

Top gainers: NTPC, ONGC, Power Grid

Top losers: Kotak Bank, HDFC, HUL


CLOSING BELL

The frontline S&P BSE Sensex shedded 341 points, or 0.69 per cent, to end the session at 49,162 levels. During the day, the index traded within a range of 49,304 and 48,988 levels.
 
On the NSE, the Nifty50 index held the 18,500-mark today and settled at 14,851 levels, down 92 points or 0.61 per cent. The index breadth remained neck and neck with 28 stocks in the red against 22 stocks in the green.

BHEL hits 21-month high on heavy volumes; stock zooms 59% in 8 days

Shares of Bharat Heavy Electricals Limited (BHEL) surged 14 per cent to Rs 75.15, hitting a 21-month high on the BSE in an otherwise weak market on Tuesday, on the back of heavy volumes. Till 03:05 pm, a combined 513 million equity shares, representing 15 per cent of total equity of BHEL, had changed hands on the NSE and BSE. In comparison, the S&P BSE Sensex was down 0.69 per cent at 49,161.
 
The stock of the state-owned heavy electrical equipment company was trading at its highest level since July 2019. In the past eight trading days, the stock has rallied 59 per cent from level of Rs 47.20 hit on April 29. READ MORE

Gold subdued on buoyant dollar; investors awaits US inflation data

Gold prices inched lower on Tuesday as a rebound in dollar dented the metal's appeal, while investors awaited US consumer price data to measure whether inflationary pressure was building.
 
Spot gold was down 0.1 per cent at $1,833.00 per ounce by 0721 GMT, after hitting its highest since Feb. 11 at $1,845.06 on Monday. US gold futures fell 0.2 per cent to $1,834.20 per ounce. READ MORE

March Quarter Results :: Neuland Labs

>> Net profit at Rs 17.2 crore

>> Revenue at Rs 246 crore

>> Dividend declared worth Rs 3 per share

Cold chain logistics likely to grow at over 20% CAGR by 2025: JLL

As per JLL, there is an opportunity for organised cold storage or 'palettized' cold storage in tier-I cities like Mumbai, Delhi-NCR, Bengaluru, Chennai, Pune, Kolkata, Hyderabad as well as tier-II cities like Lucknow, Kanpur, Ranchi, Patna, among others. READ MORE

NEWS ALERT :: Telangana govt announces 10-day lockdown starting tomorrow

>> All essential services to operate from 6 am to 10 am.

MARKET UPDATE:: S&P BSE MidCap index at day's high, up 0.6 per cent


Cathie Wood's Ark ETF sees 91% of holdings tumble in tech rout

Hardest hit in the portfolio listed in the fund’s May 7 holdings disclosure were two biotech stocks. Twist Bioscience Corp. was the fund’s biggest laggard, plunging more than 17% on Monday, its worst one-day performance since Feb. 5. NanoString Technologies Inc. sank 12%. Tesla Inc., ARKK’s biggest holding, dropped 6.4%. READ MORE

Indian oil refiners cut output, imports as pandemic hits demand

Indian Oil Corp, the country's biggest refiner, has reduced runs to an average of between 85% and 88% of processing capacity, a company official said, adding runs could be cut further as its plants at Gujarat, Mathura and Panipat are facing problems storing bitumen and sulphur. READ MORE

EXPERT TAKE :: G Pradeepkumar, CEO, Union AMC on April AMFI data

The net inflows into equity funds have continued in April which is very encouraging. Flows slowed down a bit compared to March largely because of the disruption caused by the second wave of the pandemic. However, the SIP numbers have remained robust and the addition of SIP folios also have been very healthy. Given the expensive valuations, we have been recommending asset allocation funds such as Balanced Advantage Funds (BAF) for investors. This category has also seen meaningful inflows. We expect the flows to pick up pace once the pandemic is brought under control through increased levels of vaccination and other measures. 

Dhampur, Dwarikesh: Breakout in sugar stocks has room for more upside

Shares of sugar companies continued their northward journey at the bourses on Tuesday, with Bajaj Hindusthan rallying 10 per cent while Dhampur Sugar Mills and Dalmia Bharat Sugar rose 8 per cent, each.
 
Among other individual stocks, Dwarikesh Sugar Industries, Avadh Sugar & Energy, Uttam Sugar Mills, Triveni Engineering & Industries, EID Parry, Shree Renuka Sugars, and Balrampur Chini Mills were up in the range of 2-5 per cent. In comparison, the S&P BSE Sensex traded 0.9 per cent lower at 49,057, at 1:52 PM. READ MORE

NEWS ALERT :: G E Shipping wins contract to sell its Midsize Gas Carrier


DIIs increase stake in metals, public sector banks in Q4: Report

While DIIs sold equities worth Rs 1.42 trillion between July 2020 and February 2021, they bought shares worth Rs 18,248.85 crore between March and May 10, 2021, BSE data shows. In comparison, FIIs bought shares worth Rs 1.82 trillion between October 2020 and March 2021 but have sold shares worth Rs 17,647.99 crore in April and May (so far).
 
Yet, DII shareholding hit seven-quarter low at the end of Q4FY21 after they witnessed an outflow of $3.2 billion as against FIIs inflow of $7.3 billion during this period. DII holdings in the Nifty500 were down 10 basis point (bp) QoQ and 50bp YoY to 14.2 per cent relative to FII holdings at 22.3 per cent (down 20bp QoQ but up 160bp YoY). READ MORE

March Quarter Results :: Granules India posts PAT of Rs 128 crore

>> Revenue at Rs 799 crore

>> Ebitda at Rs 202 crore

>> Ebitda margin 25.3 per cent

>> Dividend at Rs 0.75/share

Equity mutual funds witness net inflows of Rs 3,400 crore in April

Equity mutual funds (MF) witnessed net inflows for the second straight month in April. Senior industry officials said equity funds have logged net inflows of Rs 3,437 crore. In March, equity funds had seen net inflows of Rs 9,115 crore after a gap of 8 months. Between July 2020 and February 2021, such schemes saw cumulative net outflows of Rs 47,000 crore even as the benchmark Sensex surged more than 40 per cent during this period. READ MORE


MARKET UPDATE:: Sensex near day's low


CADILA HEALTH in focus :: Virafin price set at Rs 11,995 per dose, says report

>> DGCI had given emergency approval to the drug in April
 
>> Company claims Virafin can cut oxygen support needed by Covid patients 
 
>> Virafin is a single-dose therapy for Covid patients
 
(Source: Cogencis)

Q4 earnings | Firstsource profit dips 61.4% QoQ at Rs 46.7 crore

-- Rvenue up 7% QoQ at Rs 1,460 crore
 
-- Ebitda up 10.7% QoQ at Rs 231.4 crore
 
-- Margin up 50 bps QoQ at 15.8%

MARKET UPDATE:: HDFC, Kotak Mahindra Bank, and Infosys among top Sensex drags


Stuck with Vodafone, SpiceJet? Trading strategies for top losers of 2021

Among individual stocks, a total of 140 of the BSE500 stocks have given negative return so far in CY2021. Among these, Future Retail (-41.86%, till May 10) has been the top laggard, followed by Bliss GVS (-39.5%), SpiceJet (-33%), Hathway Cable & Datacom (-30.12%), and Vakrangee (-27.5%). Among others, Ujjivan Financial Services has slipped 26.84 per cent, Bandhan Bank has fallen 26.3 per cent, Ujjivan Small Finance Bank has slid 26 per cent, and Vodafone Idea 22.9 per cent, among others. Here's how some of these stocks look on the charts! READ MORE


NEWS ALERT :: IB Housing sells MF business to Groww for 175 crore

>> Company has decided to focus on its real estate asset mgmt business through AIF structure in line with asset light strategy

NEWS ALERT :: Ruchi Soya acquires biscuits business from Patanjali Biscuits

The Board of Directors of Ruchi at its meeting held on 10th May, 2021 approved the signing of the Business Transfer Agreement (“BTA”) with Patanjali Natural Biscuits Private Limited (PNBPL) to acquire its business of manufacturing, packing and labelling of biscuits, cookies, rusk and other associated bakery products. 

Expensive valuations may cap near-term upside in chemical stocks: Analysts

The breathtaking rally in chemical stocks may be heading towards a short-term breather as valuations turn expensive and financial performance plateaus, caution analysts. However, they remain positive on the sector’s long-term growth story on the back of ramp-up in China’s environmental inspections and specialty chemical players having a healthy margin of safety. READ MORE


Markets in a vulnerable zone, full-fledged bear phase less likely: Analysts

Equity market is in a ‘vulnerable zone’ and are likely to remain very volatile, impacted by the sharp rise in Covid cases in the country since the past few weeks that has seen many state governments impose lockdowns and mobility restrictions to check the rampant spread, said analysts at HSBC in a recent report. They, however, have ruled out a deep correction for now. READ MORE

 

Apcotex rallies 31% in 4 days post Q4 results; stock zooms 80% in a month

Shares of Apcotex rallied 9 per cent to hit a new high of Rs 314 on the BSE in intra-day trade on Tuesday, up 31 per cent in the past four trading days after the firm reported a strong set of numbers for the quarter ended March 2021 (Q4FY21). In the past one month, the stock has zoomed 80 per cent as compared to a 1 per cent decline in the S&P BSE Sensex. The company achieved its highest ever quarterly revenues, EBITDA, and profit after tax numbers during the quarter, with exports also logging the best-ever numbers. There was strong demand across most industries. READ MORE


Market Check :: Sensex off day's low, still down 250 points


How to make money in stock market by using the Detrended Price Oscillator

Detrended Price Oscillator (DPO) was developed to identify the cyclical change in equities by eliminating the overarching trend from the price action. This is done by comparing the past price by a displaced simple moving average (SMA). Herein, instead of concentrating on the broad outlook of a trend, intermediate peaks and trough, based on the past price action, provide significant triggers. READ MORE

 

Stocks that hit 52-week high on BSE today in an otherwise weak market

Company PRICE(rs) 52 WK HIGH CHG(%)
Adani Enterp. 1304.50 1326.00 0.03
Adani Total Gas 1347.95 1388.45 2.51
Adani Transmissi 1195.65 1216.45 2.85
Aegis Logistics 340.10 344.30 3.06
Alkyl Amines 3615.00 3642.30 9.18
» More on 52 Week High

Top YES Bank investor Bay Tree cuts stake in troubled lender by a third

Private equity firm Bay Tree India Holdings has sold a 2.1% stake in India’s Yes Bank, reducing its holding by almost a third. Bay Tree cut its stake in the embattled lender that was the center of India’s largest financial bailout last year, it said in a statement on Tuesday. It now holds a 5.4% stake after multiple sales in the open market between Jan. 6 to May 6. READ MORE


Volatility Gauge

India VIX cools off 1.5% to 19.93 levels

Tata Motors DVR hits 33-month high, surges 20% in a week

Shares of Tata Motors differential voting right, or DVR, hit a 33-month high of Rs 151, as they rallied 6 per cent on the BSE in Tuesday's intra-day trade on the back of heavy volumes amid expectations of inclusion in the MSCI Smallcap index. The stock was trading at its highest level since July 30, 2018. In comparison, the S&P BSE Sensex was down 0.72 per cent at 49,138 points at 10:07 am. READ MORE

NEWS ALERT :: UPL announces collaboration with Meiji

>> UPL Ltd announced today that its subsidiary has entered into a license agreement with Japanese company, Meiji Seika Pharma Co for exclusive access to Flupyrimin for rice in Southeast Asia.

>> Under the license agreement, UPL will obtain exclusive rights to develop, register and commercialize formulations of Flupyrimin for foliar applications in rice in Southeast Asia, expanding the on-going collaboration between the two companies with this compound.

Click here for BSE filing


Top losers on BSE at this hour

Company PRICE(rs) CHG(%)
Vaibhav Global 931.25 -4.40
Meghmani Organ. 131.20 -3.88
Jindal Stain. 94.75 -3.81
Jindal Steel 473.90 -3.35
Punjab Natl.Bank 34.45 -3.23
» More on Top Losers

Indian markets ignoring Covid-19 impact, set for correction: Top stock fund

Investors in India’s $2.8 trillion equity market are underestimating the economic impact from the world’s worst coronavirus outbreak, which will delay any recovery and could trigger a “correction” in stocks, according to the country’s top-performing fund manager. The market “is completely ignoring the present situation,” said Samir Rachh, who oversees 130 billion rupees ($1.8 billion) of assets at Nippon India Mutual Fund in Mumbai. Recent gains have been “driven by a huge amount of liquidity,” he said. READ MORE

 

Rupee opening

Rupee opens weaker at 73.48 per US dollar vs Monday's close of 73.35/$

NEWS ALERT :: Medi Assist Healthcare files for IPO

>> Upto 28 million shares are up for sale, suggests report

Alkyl Amines trades ex-split; stock surges 10%, hits new high

Shares of Alkyl Amines Chemicals zoomed 10 per cent and hit a new high of Rs 3,640 on the BSE in intra-day trade on Tuesday in an otherwise weak market after the stock turned ex-split today. The company has split the equity share of face value Rs 5 into Rs 2. The company has fixed Wednesday, May 12, 2021, as the record date for determining the eligibility of shareholders for split/sub-division of equity shares. READ MORE


Most active stocks by volume

Company PRICE(rs) CHG(%) VOLUME
B H E L 68.50 4.26 4357828
Trident 17.88 6.56 2845972
Vodafone Idea 8.18 -0.24 2507985
Punjab Natl.Bank 34.10 -4.21 2076740
South Ind.Bank 10.07 -1.85 1443684
» More on Most Active Volume

MARKET COMMENT :: V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services

A sell-off in tech stocks in NASDAQ on Monday might impact sentiments in early trade today. But it is unlikely to become a trend, given the reversal of domestic institutional selling witnessed from June 2020 through Feb 2021. During this period DIIs sold equity worth Rs 124172 crores.

This trend is now getting reversed with buys of Rs 10299 crores in March & April 2021and this trend may continue in May since SIP inflows are robust. Meanwhile, the steady decline in fresh Covid cases during the last 5 days gives hope that the second wave will come under control soon. Leading private sector financials - banks, mortgage lenders, fintech companies - appear good buys on corrections

Oberoi Realty trades mildly in the red

The company board is slated to meet on May 14 to consider raising funds by way of issue of NCDs and equity shares.


Result impact :: JMC Projects gains 2% in a weak market

The company posted a consolidated net profit of Rs 41.44 crore for the January-March quarter driven by higher revenues, as against a consolidated net loss of Rs 54.76 crore in the quarter ended on March 31, 2020.


JSW Energy gains 3%, hits 52-week high

JSW Hydro Energy, an arm of JSW Energy, has raised $707 million (about Rs 5,200 crore) from an international green bond issue that was oversubscribed by over four times, merchant bankers said on Monday.


PNB slides over 3% as lender launches QIP

Punjab National Bank (PNB) board approved the opening of QIP on May 10. The bank has fixed the floor price at Rs 35.51 per equity share


IndiGo stock takes flight on QIP plan

InterGlobe Aviation, parent of the country's largest airline IndiGo said its board has approved raising up to Rs 3,000 crore through the sale of shares to institutional investors.


Earnings reward :: HFCL gains over 1.5%

The company posted a multifold jump in its consolidated net profit to Rs 86.47 crore in the quarter ended March 31, 2021. The company had posted a net profit of Rs 8.7 crore in the corresponding period of the previous year.


Broader market :: BSE SmallCap trades in the green amid subdued mood


Broader market :: BSE MidCap index recovers from day's low


Sectoral trends on the NSE :: Metal index tanks over 2%; Pharma up 0.4%


Sensex Heatmap :: Pharma stocks hold gains


Opening Bell :: Nifty slips below 14,800


Opening Bell


Wadia Realty promoted Go Air to file DRHP this week, suggests report

>> Go Air aims to raise Rs 3,500 cr via IPO route
 
>> Proceeds from IPO to be used in debt reduction
 
>> Proceeds will be used to add A-320 Neo Aircrafts
 
>> Go Air has increased market share from 8% to 11% in 2 years
 
(Source: TV Report)

Commodity prices in early deals


Pre-open session


Pre-open session :: Sensex slides nearly 400 pts


JSW Steel in focus :: The Crude Steel production for April, 2021 was at 13.71 lakh tonnes


NEWS ALERT :: JSW Steel's crude Steel production for April at 13.71 lakh tonnes

>> Average capacity utilisation at 91% during April as against 96% in March

>> The capacity utilization was lower sequentially in April 2021 due to priority in supply of Liquid oxygen for medical purposes over augmenting steel production

Top stocks to watch today

Earnings Today: A total of 28 companies are slated to post their March quarter numbers today, including Siemens, Dishman Carbogen, KEC International, Linde India and Kalpataru Power Transmission.
 
HFCL: The company posted a multifold jump in its consolidated net profit to Rs 86.47 crore in the quarter ended March 31, 2021. The company had posted a net profit of Rs 8.7 crore in the corresponding period of the previous year. READ MORE

Trading ideas by Ventura Securities

BUY TATA POWER
 
CMP: Rs 110
 
TARGET: Rs 140-160
 
BUY AREA: (Rs 105-102)- Rs 100-( Rs 98-96)
 
STOP LOSS: Rs 88
 
Rationale: A double-bottom formation at the 52 area in September-October 2020 pushed Tata Power steadily to 115 in March 2021. Valid corrective profit-booking followed and the stock made a low of 90 in April 2021. It continued its uptrend and recently, on May 10, 2021, the stock gave a breakout to form a downward sloping trend line and gave a higher weekly close at 110, supported by volumes. READ MORE

SGX Nifty slides further

The index is now at 14,776, down 213 points

Here are the top buy, sell ideas by Osho Krishan

BUY ABCAPITAL | TARGET: Rs 132 | STOP LOSS: Rs 115
 
ABCAPITAL has seen consolidation range breakout on the back of robust trading volumes and has entered the unfilled gap on the higher side in the daily time frame suggesting strength in the surge. Also, the stock has tested the sloping trend-line and is expected to breach the same in near future. On the indicator front, 14 period RSI has seen golden crossover affirming the strength in the breakout and bullish stance in near future. READ MORE

Bulk deals on the BSE as on Monday

Bulk deals on the NSE as on Monday

FII/FPI & DII trading activity on NSE, BSE and MSEI


Rupee check

Source: Bloomberg


Oil prices drop a per cent


SGX Nifty hints at a gap-down start

>> At 8:24 AM, the index was down 192 points at 14,797.

Asian stocks crack

Asian stocks dropped in early Tuesday trade as a demand resurgence is colliding with strained supply of basic materials, helping to fuel inflation worries. Copper jumped to a record while iron ore futures surged more than 10 per cent.

Consequently, Japan's Nikkei tumbled 2.6 per cent, Hong Kong's Hang Seng fell 2.2 per cent and South Korea's Kospi was down 1.7 per cent

Worries on Wall Street

Wall Street closed lower on Monday as inflation jitters drove investors away from market-leading growth stocks in favor of cyclicals, which stand to benefit most as the economy reopens.

Industrial and healthcare shares limited the Dow’s decline but the blue-chip average reversed course late in the session to snap a three-day streak of record closing highs. The Dow Jones fell 0.1 per cent, the S&P 500 lost 1.04 per cent and the Nasdaq Composite dropped 2.55 per cent.

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