Connect with us

Hi, what are you looking for?

Share Market

RIL, TCS drag Sensex down, Nifty fails to hold record high hit on opening; what analysts make of today’s trade

Financial Express - Business News, Stock Market News

sensex, niftyDuring intraday, headline indices fell to day’s low levels when Union Finance Minister Nirmala Sitharaman began press conference.

BSE Sensex and Nifty settled in the negative territory, after opening at record highs on Monday. During intraday, headline indices fell to day’s low levels when Union Finance Minister Nirmala Sitharaman began press conference. BSE Sensex ended lower at 52,735.59, while 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 guarantee for COVID-19 pandemic affected sectors. Broader markets outperformed equity benchmarks. BSE Midcap index gained 0.40 per cent or 89 points to end at 22,529, while SmallCap index settled up 0.46 per cent or 115 pts at 25,111. India VIX, volatility index, gained 0.26 per cent to settle at 13.40 levels, lowest since February 2020.

Sumeet Bagadia, Executive Director, Choice Broking

Related News

  • Nifty, TCS, Infosys, Maruti Suzuki, Bank Nifty

    Nifty may hit 16,300 if it holds 15,900, Bank Nifty to trade in this range; TCS, Infosys in focus this week

  • Dodla Dairy, Krishna Institute of Medical Sciences, NTPC, Central Bank, IOB, Jet Airways stocks in focus

    Dodla Dairy, Krishna Institute of Medical Sciences, NTPC, Central Bank, IOB, Jet Airways stocks in focus

  • Share Market Today, Share Market Live

    Share Market LIVE: Sensex falls 391 pts from day’s high, Nifty ends at 15,814; FM announces relief measures

Technically, the index has taken a resistance at Upper Bollinger Band formation that suggests some profit booking for the near term. Moreover, the index has also formed like a Bearish Marubozu candlestick on the daily chart, which indicates further correction for the upcoming session. In addition, a momentum indicator RSI (14) & MACD also indicated negative crossover on the daily timeframe. At present, the nifty seems to have resistance at 15900 levels while immediate support comes at 15650.

Narendra Solanki, Head- Equity Research (Fundamental), Anand Rathi Shares & Stock Brokers

Indian markets started on a positive note following mixed Asian market cues Covid cases weigh on global sentiment. During the afternoon session markets traded with minor losses on account of selling in frontline stocks. Some anxiety also came with India Ratings and Research (Ind-Ra) statement its earlier estimate of gross domestic product (GDP) growth at 10.1% for the current financial year (FY22) is unlikely to hold due to the speed and scale of Covid 2.0. On sectoral front, selling was witnessed in financial services, IT and Private Banks while Metals, Pharma, PSU Banks and FMCG traded in green.

Vinod Nair, Head of Research at Geojit Financial Services

After opening at a record high, the domestic markets slipped into the negative zone tracking cues from global peers due to spike in Covid cases across Asia. PSU Banks were in focus in anticipation of progress in privatization. The market got volatile in the closing hour, ahead & during the FM announcement, though it was focused on the Covid-19 relief package mainly for healthcare and stressed sectors, which will benefit 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 market though remained reasonably buoyant with several stocks across PSU Banking, Metals & Gas seen buzzing around today.

Get live Stock Prices from BSE, NSE, US Market and latest NAV, portfolio of Mutual Funds, Check out latest IPO News, Best Performing IPOs, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.

Click to comment

Leave a Reply

Your email address will not be published.

You May Also Like


Cybercriminals Adopt the Blockchain to Broadcast confidential Messages A group of analysts from SophosLabs represents that programmers working the crypto-jacking malware, Glupteba, have been...


PUBG unban in India soon as PUBG Corp. Will The Government Of India Unban PUBG? PUBG Mobile was Ban in India, PUBG organization has...


A standard method to execute Bitcoin could be powerless against double-spending, the new examination has found. Blockchain sleuths at ZenGo, a wallet startup, have...

BlockChain News

HDD mining, also known as “storage mining”, is a process of obtaining cryptocurrency based on hard disk memory. Compared with traditional POW mining, hard...