BSE Sensex and Nifty 50 tanked almost 2 per cent, every single, on a freaking Friday as bears made a comeback. Investors sentiment had been hit due to weakness in Asian markets and amid fears of more localised lockdown restrictions on the back of increasing COVID-19 situations. Investors had been also seen cautious ahead of the exit polls of 4 states and one Union Territory. Sensex tumbled 984 points or 2 per cent down at 48,782, when the broader Nifty 50 index plunged 264 points or 1.77 per cent to 14,631. Index heavyweights such as HDFC Bank, Housing Development Finance Corporation (HDFC), ICICI Bank, Reliance Industries Ltd (RIL), Tata Consultancy Services (TCS) contributed the most to indices loss. In the broader markets, S&P BSE MidCap index fell .65 per cent or 133 points to 20,312. While S&P BSE SmallCap index fell to 21,670 levels
Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments
The help of 14400 nevertheless holds and the markets have the prospective to turn from right here and head towards 15100. The danger reward ratio is now skewed in favor of the reward and therefore a invest in on dips strategy will be most acceptable to adopt.
Rohit Singre, Senior Technical Analyst at LKP Securities
Index opened a day with a gap down & traded complete day with damaging bias and closed day at 14631 with loss of almost two per cent forming a bearish candle on the everyday chart. On the downside index has superior help at 14580-14500 zone if managed to save mentioned levels then some bounce feasible otherwise we could see the next leg of a move towards 14200 zone on the downside, resistance is placed at 14730-14810 zone we could see profit booking once more about these levels.
S Ranganathan, Head of Research at LKP Securities
Heavy promoting in important pivotal which includes Financials & HDFC twins kept indices in the red all through the day as fears of localised lockdowns manifesting itself into a slowdown made investors cautious ahead of the state poll outcomes. Pharma & Sugar stocks bucked the trend in today’s trade.
Mohit Nigam, Head, PMS, Hem Securities
Nifty closed 1.85% down following a positive start off in the morning. Banking and financials which led the rally this week had been the laggards today witnessing profit booking, Nifty Bank ended down by 2.94%. .The exit polls of 4 states and one union territory showed BJP not gaining a sound majority in fiercely fought state of West Bengal denting the sentiment of the markets. Reliance Industries numbers today will set the tone for the next week’s opening along with developments on the covid front. Closing under 14650 is slightly damaging for the markets.
Vinod Nair, Head of Research at Geojit Financial Services
The industry turned into a correction phase following weakness in the Asian industry regardless of hopeful indicators from Wall Street. Rising covid situations and uncertainties surrounding vaccination added more stress on the industry. Along with smaller-cap stocks, pharma, metal, and oil & gas had been the sectoral gainers when profit booking was seen in banking stocks.