BSE Sensex and Nifty 50 plunged 1.50 per cent every on Friday, ending this week on a flat note. Sensex tumbled 746 points or 1.50 per cent to finish at 48,878.54, whilst the Nifty 50 index lost 218.45 points or 1.50 per cent to settle at 14,371.90. During intraday, Sensex fell 790 points to hit day’s low of 48,832.08. NSE’s Nifty touched the day’s low of 14,357.75. Market breadth favoured the bears today as 2,005 stocks declined whilst 979 scrips sophisticated. Today, BSE industry capitalisation plunged to Rs 194.42 lakh crore from Rs 196.51 lakh crore yesterday, wiping more than Rs 2 lakh crore investor wealth. India VIX, the volatility index, rose 1.09 per cent to settle at 22.42 levels. Ahead of October-December quarter final results, Reliance Industries Ltd (RIL) shares fell 2.30 per cent to Rs 2,049.65 apiece.
Vinod Nair, Head of Research at Geojit Financial Services
Indian indices tumbled on afternoon trade dragged by weak international markets and promoting noticed in Metal and Banking indices. Positive outlook for Auto and IT stocks helped them to retain their momentum even in the course of today’s correction. European markets fell today on weak UK retail sales numbers and rising restrictions in the Eurozone, whilst Asian markets followed its European peers. The choices taken in the upcoming Union Budget along with the policies of the new US Government are anticipated to define momentum in the close to term.
Rusmik Oza, Executive Vice President, Head of Fundamental Research at Kotak Securities
We can count on volatility to stay higher next week also as there will be the month-to-month expiry and it will be the final week just before the Union Budget. Earnings print is coming superior and we are seeing more upgrades than downgrades. Nifty-50 could stay in the 14,000-15,000 variety till price range and any break-out or break-down from this variety could be noticed post price range.
S Ranganathan, Head of Research at LKP Securities
Markets traded weak today with profit booking in Metals & Financials even as we saw a quite robust response to the IPO of a Paint Company. The essential highlight of the day, even so, was the robust appetite for Auto stocks which coupled with the IT biggies kept the optimism alive on a weak day as the Street awaits the Earnings of RIL.
Binod Modi, Head Strategy at Reliance Securities
A sharp pullback was noticed in domestic equities primarily on weak international cues. Auto stocks continued to stay in flavour as sharp rebound in earnings of pick auto organizations boosted self-assurance amongst investors. This sort of profit booking ahead of price range was broadly on anticipated line. While underlying strength of domestic markets remains intact, a robust rally right here-on appears to be restricted in the close to terms contemplating wealthy valuations of the industry which currently factored in a significant portion of expectations of robust earnings development. Market is anticipated to stay volatile in coming days ahead of price range and rotational trading may well be visible wherein sectors like infrastructure, actual estate, healthcare, creating supplies, agro-chemical and automobile are most likely to be in concentrate.