S&P BSE Sensex recouped some losses in the dying hour of trade but closed with a loss of 634 points or 1.06% at 59,464. NSE Nifty 50 shed 181 points or 1.01% to end at 17,757.
For the third day straight Sensex and Nifty closed with losses as bears wreaked havoc on Dalal Street. S&P BSE Sensex recouped some losses in the dying hour of trade but closed with a loss of 634 points or 1.06% at 59,464. NSE Nifty 50 shed 181 points or 1.01% to end at 17,757. Power Grid was the top Sensex gainer, up 4.86%, along with Bharti Airtel, Asian Paints, Maruti Suzuki, and Ultratech Cement. Bajaj Finserv ended 4.57% in red as the worst-performing Sensex constituents, followed by Bajaj Auto, Infosys, and TCS. Bank Nifty closed 0.50% in red, broader markets mirrored the fall. India VIX shed points in the last few minutes of the day’s trade to end with losses.
Deepak Jasani, Head of Retail Research, HDFC Securities –
“On a day when the Nifty fell for the third session, advance-decline ratio ended in the positive. This suggests some stability in the broader markets though the frontline stocks continue to face the brunt of selling pressure from institutions. Nifty could now find support at 17614 while 17879 could act as a resistance in the near term.”
Sachin Gupta, AVP, Research, Choice Broking –
“Technically, the nifty index has corrected almost 700 points in the last three sessions as the Bearish Engulfing pattern indicated the further correction on the daily chart. However, in the recent candle the index has tested immediate support at 38.2% RL of its previous rally. Moreover, the index has failed to sustain below 21 – days SMA which suggests further support around 17640 levels, below that the correction may extend till 17400/17300 levels. At present, the Index has support at 17640/17500 levels while resistance comes at 18000 levels. On the other hand, Bank nifty has support at 37500 levels while resistance at 38400 levels.”
Mohit Nigam, Head – PMS, Hem Securities for Thursday –
“On the technical front, the key resistance level for Nifty50 is 18,300 and on the downside 17,600 can act as strong support. Key resistance and support levels for Bank Nifty are 38,500 and 37,500 respectively.”
Vinod Nair, Head of Research at Geojit Financial Services –
“Persistent concern over global inflation and likely Fed rate hike acted as the major headwinds for the domestic market to tumble for the third consecutive day. High volatility due to rising bond yields is pressuring foreign investors to pull out funds from highly valued markets like India. As the recent earnings failed to excite the market, the ongoing global volatility drained investor confidence.”
Ajit Mishra, VP – Research, Religare Broking –
“Markets are currently facing global headwinds and there’s no relief from the domestic front as well. However, we feel it’s a healthy correction so far and expect Nifty to hold the 17,600 zone. For traders, the major challenge is to tackle the volatility amid the earnings season. We feel it’s prudent to limit positions and prefer a hedged approach until markets resume the uptrend. Investors, on the other hand, shouldn’t worry much about the recent fall and maintain their focus on accumulating quality stocks on dips.”
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