Market

Sensex, Nifty end in red, halt three-day gaining streak; here’s what experts make of today’s trade

S&P BSE Sensex fell 154 factors to end at 49,591 whereas the Nifty 50 was down at 14,834.
(Image: REUTERS)

Sensex and Nifty closed with losses on Friday, bringing their three-day gaining run to a halt. S&P BSE Sensex fell 154 factors to end at 49,591 whereas the Nifty 50 was down at 14,834. The weak point in markets was aided by banking heavyweights resembling ICICI Bank and HDFC Bank together with Reliance Industries Ltd. Sun Pharma, Hindustan Unilever, and Tech Mahindra have been the highest gainers on the day. Broader markets traded combined whereas India VIX slipped. Bank Nifty and Nifty Private Bank index ended in the purple however Nifty PSU Bank index jumped 2%. The nifty Metal index slipped. 

Deepak Jasani, Head of Retail Research, HDFC Securities-

“Indian benchmark equity indices ended the final trading session of the week on April 09 on a negative note after a three-day gaining streak. Nifty has formed a mild bearish engulfing pattern on daily charts after a Doji. This suggests hesitation on the part of traders to go all out on long side at these levels. However the broader market continues to perform well and sectoral rotation gives traders enough opportunities to trade. On upmoves, 14984-15050 continues to be a resistance while 14687-14737 on the downside could provide support.”

Vinod Nair, Head of Research at Geojit Financial Services-

“Domestic markets traded in a mild negative territory following weak global cues and increasing covid cases. Fall in the market was led by the private banks as concerns on the bank’s asset quality spiked with increasing restrictions across states. Buying interest was seen in PSU Banks in hopes of finalisation of potential privatisation candidates.  On the sectoral front, pharma stocks were the top gainers while broader markets continued to perform well.”

S Ranganathan, Head of Research at LKP Securities-

“Yet again today we witnessed a day when all the action were in the broader market with Pharmaceuticals doing well. Provisional data on direct tax collections for the last fiscal kept sentiments buoyant in select FMCG stocks.”

Manish Hathiramani, Proprietary Index Trader and Technical Analyst, Deen Dayal Investments –

“The markets have been subdued today and failed to get past the 14,950-15,000 resistance zone. It is crucial for this level to be taken out in the coming week as that would signal an up move to 15,300-15,400. If the support of 14,400 is broken, we will revisit the previous lows of 14,200 and can drift further to 13,900.”

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