Sensex forgoes a 375-point gain to finish lower. What the analysts say

The largest private sector lender, HDFC Bank Ltd, fell 1.9% and was the biggest drag on the indices, while ICICI Bank Ltd fell 1.8%. The Nifty Bank index fell 1.7%.

However, the BSE mid-cap index rose 1.5% while the small-cap index rose 4% after the markets regulator said that multi-cap mutual funds must invest at least 25% each. in large-cap, mid-cap, and small-cap stocks.

“Asian markets pushed higher on Monday as investors pulled back after a recent sell-off, with hopes for the coronavirus vaccine boosting and traders looking toward the latest Federal Reserve policy meeting. But the reimposition of virus containment measures in multiple countries, stock valuations, Brexit tensions and uncertainty over the US presidential election are controlling earnings, “said Deepak Jasani, director of retail research at HDFC Securities.

IT firm HCL Technologies Ltd had the highest percentage of earnings on the Nifty, rising 10.2% to an all-time high after it improved its revenue and operating margin outlook for the September quarter.

Reliance Industries closed 0.7% lower after hitting an all-time high earlier in the session.

Here’s what analysts had to say about the current market performance:

Siddhartha Khemka, Retail Research Director, Motilal Oswal Financial Services Ltd

“Looking ahead, the market is likely to consolidate in the short term with a positive bias. All eyes would be on central banks globally, as the US Fed along with its peers the European Central Bank, the Bank of England and Japan would meet this week. Investors would also be keeping an eye on developments around the Covid vaccine and the UK vote on Brexit. Small and mid-caps have performed relatively better in year 20 and the momentum may continue in the short term. Therefore, any weakness in the market should be seen as a buying opportunity to add quality stocks to the portfolio, as the overall long-term market trend remains positive.

Technically, Nifty has to stay above the 11330-11350 zones to witness a bullish move towards the 11550-11600 zones, while on the downside there is medium-term support at the 11200-11180 zones. “

Shrikant Chouhan, Executive Vice President of Equity Technical Research, Kotak Securities

“The profit reserve in the last hour of trading brought the market down. The Indian market opened with a positive gap in the context of positive global and domestic indicators with the Nifty 50 index touching 11568 levels in the first hours of operation, however, the profit reserve in heavyweights such as Reliance Industries in the The second half saw the index give way. all your intraday gains to close in the red. Bank-Nifty also closed at the lowest level of the day. The fall in US equity futures also dampened confidence in our market. For the next two sessions, the Nifty 50 index could remain in range, hovering between the 11300 and 11600 levels. With the Fed meeting this weekend, the market will remain volatile with a focus on the currency and the index. dollar. The operator must be careful when conducting operations in the market. “

Manish Hathiramani, Technical Analyst and Property Index Trader, Deen Dayal Investments

“We couldn’t stay above the 11550-11575 levels which are a bit worrisome. Even if it took a day or two and then we broke those levels, we are in bullish territory. That would take us back to 11800 and onwards” towards 12000. Support for the Nifty is at 11300. “

Ajit Mishra, Vice President of Research, Religare Broking Ltd

“Markets tend to see such volatile swings during the consolidation phase and this time around it’s no different. We reiterate our bullish but cautious approach to markets and suggest piling up quality stocks on dips. We continue to see various themes perform well, so traders should align their positions accordingly. Upcoming macroeconomic data and signals from global markets will remain in focus. “