After a sharp rise in early trading, Indian markets fell today amid excessive volatility. The top-line NSE Nifty 50 Index fell 0.95% to close at 15,030, after rising to 15,336 in early trading. The Sensex lost nearly 500 points to finish at 50,792, after hitting 51,821 in the day’s high. The BSE Mid Cap Index fell 0.4% while the Small Cap Index finished slightly in the green.
Here are 10 things to know about the current market performance:
1) Financial stocks sold due to a broader rise in bond yields in the US and Europe. In Mumbai, the Nifty Bank Index fell 1.23%. ICICI Bank Ltd was among the main obstacles to the Nifty 50, losing 2%.
2) “Indian markets failed to maintain their strong start as rising US bond yields offset positive sentiment. All major industry indices topped the day in negative territory. US unemployment rate and signature of the stimulus bill. However, Asian and European markets could not remain optimistic due to rising US bond yields ahead of the Fed’s policy meeting next week, “said Vinod Nair, Head of Research for Geojit Financial Services.
3) The increase in covid cases in Maharashtra also kept bulls on the defensive, said S Ranganathan, head of research at LKP Securities.
4) “We were unsuccessful in passing 15,300 on a closing basis, which was the resistance level for the Nifty. We took a sharp turn after hitting that patch this morning. Therefore, we have re-entered the zone of trading between 14900-15300, “he said. Manish Hathiramani, Technical Analyst and Property Index Trader, Deen Dayal Investments.
5) “Unless we do not overcome any of the levels convincingly and with the support of good volumes, the markets will continue to operate in a lackluster way,” he added.
6) Ajit Mishra, Vice President of Research at Religare Broking, says that “Indian markets will react to macroeconomic data (IIP and CPI inflation) that will be presented later in the day.
7) Furthermore, he added, global signals and updates related to COVID-19 will also be in focus. “In the midst of it all, we reiterate our cautious view on the markets until we see the decisive breakdown of either party in Nifty and suggest keeping a check on positive leverage.”
8) Rohit Singre, Senior Technical Analyst at LKP Securities, said: “Nifty managed to close a week above the 15k mark with gains of half a percent and formed a Doji candlestick pattern on the weekly chart that hints at uncertainty in the market. in the upper range. The bearish index has strong and good support at the 14850 zone. Any decisive break below those levels may show some more pressure towards the 14500 zone immediately. The strong hurdle is still at the upper range. 15250 zone, just above that level, we can see some stability. “
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9) On the other hand, IDBI Bank Ltd closed 9.8% more. Reserve Bank said Wednesday it would remove the state lender from its list of corrective actions.
10) However, the rupee extended its winning streak for the third day in a row. The Indian currency advanced 12 paise to close at 72.79 against the US dollar today amid some moderation in crude oil prices.
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