BSE Sensex and Nifty settled in the unfavorable territory, soon after opening at record highs on Monday. During intraday, headline indices fell to day’s low levels when Union Finance Minister Nirmala Sitharaman started press conference. BSE Sensex ended reduce at 52,735.59, though the broader Nifty 50 index settled in red at 15,815. Stocks of Reliance Industries Ltd (RIL), TCS, Housing Development Finance Corporation (HDFC), contributed the most to indices’ loss. FM Sitharaman announced Rs 1.1-trillion loan assure for COVID-19 pandemic impacted sectors. Broader markets outperformed equity benchmarks. BSE Midcap index gained .40 per cent or 89 points to finish at 22,529, though SmallCap index settled up .46 per cent or 115 pts at 25,111. India VIX, volatility index, gained .26 per cent to settle at 13.40 levels, lowest because February 2020.
Sumeet Bagadia, Executive Director, Choice Broking
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Technically, the index has taken a resistance at Upper Bollinger Band formation that suggests some profit booking for the close to term. Moreover, the index has also formed like a Bearish Marubozu candlestick on the each day chart, which indicates additional correction for the upcoming session. In addition, a momentum indicator RSI (14) & MACD also indicated unfavorable crossover on the each day timeframe. At present, the nifty appears to have resistance at 15900 levels though quick assistance comes at 15650.
Narendra Solanki, Head- Equity Research (Fundamental), Anand Rathi Shares & Stock Brokers
Indian markets began on a positive note following mixed Asian marketplace cues Covid instances weigh on international sentiment. During the afternoon session markets traded with minor losses on account of promoting in frontline stocks. Some anxiousness also came with India Ratings and Research (Ind-Ra) statement its earlier estimate of gross domestic solution (GDP) development at 10.1% for the existing economic year (FY22) is unlikely to hold due to the speed and scale of Covid 2.. On sectoral front, promoting was witnessed in economic services, IT and Private Banks though Metals, Pharma, PSU Banks and FMCG traded in green.
Vinod Nair, Head of Research at Geojit Financial Services
After opening at a record higher, the domestic markets slipped into the unfavorable zone tracking cues from international peers due to spike in Covid instances across Asia. PSU Banks have been in focus in anticipation of progress in privatization. The marketplace got volatile in the closing hour, ahead & through the FM announcement, even though it was focused on the Covid-19 relief package primarily for healthcare and stressed sectors, which will advantage the broad economy.
S Ranganathan, Head of Research at LKP Securities
Worries on inflation kept markets muted today on the Index as the street looked forward towards relief measures from the FM on the ECLGS and Health Infrastructure. The broader marketplace even though remained reasonably buoyant with various stocks across PSU Banking, Metals & Gas seen buzzing about today.