By Aamar Deo Singh, Head Advisory, Angel Broking Ltd
Indices end sharply lower
Our markets ended the volatile session with steep losses, led by PSU banks, Media, and Realty shares. The Nifty hit a record high of 15800 after recovering from the opening lows, after which the index went into consolidation near higher levels. However, selling pressure in the afternoon session dragged the indices lower in the red. However, the trend remains positive; the index has been facing resistance at higher levels, and as a result, we saw a sharp decline, with the Nifty falling more than 150 points from the day’s high. Whereas the Nifty bank index fell for the second consecutive session, falling more than 600 points during the day as indices saw profit booking near higher levels.
Broader Market Movement
Looking at the broader markets, the Midcap and Smallcap indexes take a breather after their recent outperformance. The indices fell more than 2% each from the day’s high to end on a lower note. On the sector specific front, all sectors ended on a negative note, with the Nifty Media index being the biggest loser, down more than 2%. IT and FMCG, on the other hand, were the least affected. On the stock specific side, 38 of the 50 stocks in the Nifty 50 pack ended in the red, with Tata Motors and Adani Ports being the top losers, both falling by more than 2%, and Power Grid and SBI Life among the top gainers for the day.
Stocks in News
Shares of Tata Power jumped 12 percent today, reaching 52-week highs during intraday, after the fair trade regulator CCI approved the company’s proposal to purchase a 51 percent stake in three power utilities in Odisha.
Global Data Front
On the global front, the global investors are expected to remain cautious as economic data is set to be released this week. On the US front, the benchmark indices ended flat as the market awaits consumer inflation data which is due later this week, while on the European front, the indices FTSE, DAX, and CAC 40 are all trading lower ahead of the European Central Bank (ECB) policy decision.
Summing Up, the Nifty fell for the second day in a row, wiping out early gains as volatile trade was witnessed ahead of the weekly F&O expiry, with the Nifty closing with a cut of 104 points ending at 15635 and the 30-share BSE Sensex slipping below 52000, closing at 51941, down 333 points. Looking ahead to the weekly expiry due tomorrow, the Nifty levels to watch are 15800 on the upside and 15500 on the downside.
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