BSE Sensex and Nifty 50 settled in the red even following hitting record-higher levels in the course of intraday on Wednesday. At close, the 30-share Sensex tumbled 580 points from the all-time higher levels, to settle at 57,338.21. NSE’s Nifty shit shop at 17,076.25. It hit a record of 17,225.75 in the course of intraday offers. Broader markets outperformed the equity benchmarks. BSE Midcap index gained .92 per cent or 219 points to finish at 24,072. While BSE SmallCap index added .22 per cent or 60 points to settle at 26,980. India VIX, volatility index, cooled off 2.30 per cent to settle at 14.19 levels.
Vinod Nair, Head of Research at Geojit Financial Services
Despite a powerful opening due to favourable GDP information, domestic indices failed to hold onto its early gains due to profit booking approach from the current rally. India’s GDP rose due to the low base impact and was powered by private consumption expenditure & investment. The auto sector showed a flattish trend as sales for August saw a decline following provide constraints.
Ashis Biswas, Head of Technical Research at CapitalVia Global Research
The industry witnessed some lackluster movement and an try to hold the level about the 17100. The industry is going to be critical for the brief-term industry situation to sustain above the 17000 level. If the industry is in a position to sustain the level of 17000, it can witness greater levels of 17250-17300. The momentum indicators like RSI, MACD indicating a positive outlook to continue.
S Ranganathan, Head of Research at LKP Securities
On a day of higher volatility, indices gave up gains as profit booking was seen across IT & Metal names. The pace of vaccinations in the course of the last couple of days enthused industry participants even as the street took stock of GDP and GST numbers today the focus now shifts to handful of higher-frequency consumption indicators.
Rohit Singre, Senior Technical Analyst, LKP Securities
Index witnessed some profit booking following displaying a gap up opening and closed a day at 17076 with loss of half per cent forming a bearish candle on the every day chart. The index has formed a powerful base close to the 17k mark & holding above mentioned level general structure will be positive, going forwards 17k will act as a make or break level any break under can see more profit booking comes in & we may well see the index dragging towards 16900-16800 zone and on the greater side quick hurdle is formed close to 17150 zone followed by 17220 zone.