In a highly volatile trading session, the market opened on a strong note on Tuesday, as the government expanded the vaccine to those above 18 years of age, but more restrictions announced by state governments influenced sentiment and benchmark indices showed all gains in the morning Overcame and ended up short. 0.4–0.5 per cent.
The BSE Sensex fell 243.62 points or 0.51 percent to close the session at 47,705.80, the lowest close since January 29. Intraday, the BSE gauge rose 529 points to touch the day’s peak of 48,478.34.
Likewise, the Nifty climbed over 167 points to achieve the dominant 14,500-level during the day, but ended its gains at 14,296.40, showing a fall of 63.05 points or 0.44 percent. Both indices retreated 8.7 percent and 6.9 percent as they hit record highs in February, as the nascent economic recovery is threatened by an increase in Kovid-19 cases.
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Both mid-cap and small-cap indices saw a healthy buying interest in the broader market, with a broad increase of 0.5 per cent. On the sector front, a mixed trend was observed – IT, FMCG and finance ended up with losses, while auto, telecom and metals ended in green.
“The announcement made by state governments (of new sanctions) and the growing Kovid-19 case will continue to be an important factor for investors in the near term. In addition, the earnings results of Nifty majors will be actively tracked. Religare Broking Vice President-Ajit Mishra said that to maintain sanctions, we maintain our cautious approach to the markets in the near term.
Rohit Singre, senior technical analyst at LKP Securities, said the indices formed a strong bearish candlestick on the daily chart. “We can see the next step moving towards the 14,000-mark, which is another strong support on the downside; There will be 14,400–14,500 stiff barriers on the high side. “
So far, the head of technical research at CapitalVia Global Research, Ashish Biswas, said that the short-term technical situation in the market appears as if an improvement is in the process. “While this is subject to further price action development, it makes sense to wait for a decisive break of range and technical factors before attempting to enter a short-term to medium-term outlook.”
Tuesday saw mixed trading in equity shares elsewhere in Asia as investors waited for China’s latest benchmark lending rate to be released. Japan led the losses in the region’s major markets, followed by Hong Kong. In the US, stocks were on pace for their first back-to-back drop since late March as investors invested through a batch of corporate results.