BSE Sensex and Nifty 50 drifted more than one per cent decrease on Thursday, on the back of weak worldwide cues and sell-off in index heavyweights. Sensex plunged 599 points or 1.16 per cent to close at 50,846, whilst the broader Nifty 50 index declined 165 points or 1.08 per cent to 15,081. HDFC Bank, Housing Development Finance Corporation (HDFC), Reliance Industries Ltd (RIL), ICICI Bank, Infosys and Axis Bank, amongst other individuals, contributed the most to the indices’ loss. However, broader marketplace indices, midcaps and smallcaps outperformed the equity benchmarks. BSE Midcap index gained .48 per cent or one hundred.29 points to finish at 20,984, whilst the S&P BSE SmallCap jumped .80 per cent or 169 points to finish at 21,254. Both the indices hit their respective 52-week highs in the intraday.
Vinod Nair, Head of Research at Geojit Financial Services
Domestic markets along with their worldwide peers mirrored the wounded trend of the US marketplace. The surge in US bond yields added promoting stress in technologies stocks, forced Wall Street to close decrease. Blue-chips have been a lot impacted by the weak worldwide cues, but Mid & Small caps with its enhanced investor self-confidence retained its positive momentum.
Shrikant Chouhan, Executive Vice President, Equity Technical Research at Kotak Securities
Today, once again we witnessed a sharp decline in our marketplace mostly due to the sudden jump in the extended term bond yields of the US. We assume, quickly it will be regular for the marketplace and then the marketplace can react commonly. The steady development in the economy leads to a steady rise in the bond yields and hence the marketplace must get started supplying discounts in the medium to extended term. Technically, the marketplace recovered from decrease levels but due to the stress of the weekly expiration of iIndex contracts the Nifty/Sensex came back from the highs of 15200/51260. On Friday, 15050/50750 and 14950/50400 levels will be decisive for the marketplace. The Nifty / Sensex could fall to 14850/50100 or 14750/49800 on a decisive dismissal of 14950/50400. On the upside, the 15250/51300 level would be a major hurdle for the index
Rohit Singre, Senior Technical Analyst at LKP Securities
Index opened a with a gap down on weak worldwide cues even though we saw some bounce but once again in the second half we witnessed profit booking and index closed a day at 15080 with loss of one % and formed a bearish candle on the every day chart. Going forwards index has one great help at 15k mark if managed to hold above that then some pullback otherwise more profit booking can be noticed, on the greater side 15150-15200 zone will be stiff hurdle.
Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments
The Nifty produced some recovery post the gap down opening. The all round trend remains positive as we have not broken the help of 14600-14700. The index nonetheless has wings to go greater and obtain targets closer to 15400-15500. Traders can use corrections like today’s to accumulate extended positions.
S Ranganathan, Head of Research at LKP Securities
Markets opened weak on muted worldwide cues and drifted decrease throughout the afternoon even as we saw heightened investor interest in PSU stocks on hopes of privatisation and asset monetisation. In the broader marketplace Sugar stocks registered intelligent gains for the second day in a row.