After a gap-down opening, Sensex and Nifty prolonged losses on Tuesday, monitoring weaknesses in markets throughout the globe forward of the announcement of key financial information. With Tuesday’s fall, the Sensex has fallen greater than 2,000 factors within the final six buying and selling periods, with a lot of the contribution coming from the HDFC twins and IT shares, forward of the quarterly outcomes.
Foreign portfolio traders (FPIs) have continued to promote shares for the fourth straight day since April 5. On Tuesday, FPIs offloaded shares price Rs 3,128.39 crore, whereas home traders purchased shares price Rs 870.01 crore, provisional information from exchanges confirmed.
“Concerns of a slowdown in consumer spending following a rise in fuel prices ahead of earning seasons hit investors’ sentiments on Tuesday. Nifty, which post gap down opening, broke 17,600, the crucial support level. Technically, after a long time, the Nifty has closed below 10-days SMA. We are of the view that the broader market texture is still weak and any fresh uptrend rally is possible only after 17,620 breakouts. Below these levels, we could see further weakness till 17,400-17,350,” noticed Shrikant Chouhan, head of fairness analysis (retail), Kotak Securities. After buying and selling about $100-level for the final 4 periods, Brent costs surged 5.7% on Tuesday, which was hovering at $104.09 per barrel. On Monday, the oil costs had even slipped beneath $100.
After falling 666 factors intra-day on Tuesday, the Sensex closed decrease by 388.20 factors or 0.66% at 58,576.37, whereas the broader Nifty-50 ended decrease by 144.65 factors or 0.82% at 17,530.30. In the upcoming periods, analysts consider that Nifty might stay within the 17,405-17,651 band. Among Sensex shares, Tata Steel, Tech Mahindra, and Wipro have been the highest losers on Tuesday.
“Nifty closed lower for the second consecutive session on April 12 in line with other global markets. Nifty opened gap down due to weak global cues and kept falling till it made an intra-day low at 1345 hrs. A small bounce followed and the Nifty closed 0.82% or 144.7 points lower at 17530.3,” mentioned Deepak Jasani, head of retail analysis, HDFC Securities.
Snapping its one-week rally, the broader markets additionally ended decrease on Tuesday. The BSE mid-cap and small-cap indices declined 1.4% every on Tuesday as a result of revenue reserving from traders. Sector-wise, too, barring banks, all different sectors ended within the crimson on Tuesday. Overall, out of the three,516 shares traded on the BSE, 2,316 shares declined.
Source: www.financialexpress.com”