BSE Sensex and Nifty 50 plunged over 3 per cent on Monday as worry of stricter lockdown to curb the second wave of COVID-19 dented traders’ sentiment. Amid panic promoting, the whole market cap of BSE-listed firms tumbled by practically Rs 8 lakh crore to Rs 201 lakh crore at shut, from Rs 209 lakh crore within the earlier session. BSE Sensex tanked 1,708 factors or 3.4 per cent to 47,883, whereas Nifty 50 index ended at 14,310, down 524 factors. Market breadth remained largely in favor of bears. A complete of two,477 socks declined, whereas simply 510 superior, Nonetheless, a complete of 174 scrips remained unchanged. Index heavyweights corresponding to Reliance Industries Ltd (RIL), HDFC Financial institution, ICICI Financial institution, Housing Improvement Finance Company (HDFC) and Bajaj Finance, amongst others, contributed probably the most to indices’ loss on Monday.
Rohit Singre, Senior Technical Analyst at LKP Securities
Sturdy revenue reserving has witnessed in at this time’s session and the index closed a day at 14355 with lack of greater than three per cent shaped a bearish candle on the day by day chart. The index breached a lot of the good help in at this time’s session, now 14250 might be fast and powerful help on the draw back any break down beneath stated ranges we might even see extra stress in index & if managed to carry some bounce might be anticipated, robust hurdle on the upper aspect coming close to 14500-14600 zone one can use that stage to lock beneficial properties.
Manish Hathiramani, proprietary index dealer and technical analyst, Deen Dayal Investments
After resisting on the 14950-15000 stage, there was no respite for the markets. We’ve got witnessed a single slope fall. Nonetheless, one must be cautious at these ranges of the index. If we preserve beneath the 14250 stage we may fall to 13800-13900 earlier than later. Within the brief to medium time period time frames, that is the final help for the Nifty. If the index has to backside out, we have to respect the 14250 stage and bounce from right here.
Vinod Nair, Head of Analysis at Geojit Monetary Providers
Additional implementation of lockdowns and all-time excessive covid instances have dragged the market to a month-to-month low. That is anticipated to influence the financial progress of Q1fy23, greater than thought earlier. Implications to the banking & discretionary sector are presumed to be the very best, drifting market to defensives like IT, Pharma and FMCG. This development could occur for a few buying and selling weeks, down a number of weeks covid instances are more likely to scale back, bringing progress again.
S Ranganathan, Head of Analysis at LKP Securities
The hole down opening on Monday’s commerce widened because the day progressed with all sectoral indices within the purple as traders nervous on the financial fallout on account of the surge in coronavirus instances. Asset high quality considerations spooked banks and PSU shares throughout sectors have been the worst hit amidst lockdown worries.
Ajit Mishra, VP – Analysis, Religare Broking Ltd
Markets began the week on a feeble observe and misplaced over three and a half p.c. The benchmark indices opened a spot down and proceed to plunge southwards because of rising COVID-19 instances, vaccine provide points and the potential of lockdown in varied elements of the nation. Promoting stress widened because the day progressed and consequently the Nifty ended decrease by 3.5% at 14,310 ranges. Markets will first react to TCS outcomes and macroeconomic knowledge viz. IIP and CPI inflation in early commerce on Tuesday i.e. April 13. The rising Covid instances mixed with the worry of lockdown have pushed the bulls utterly on the again foot. We thus recommend sustaining a cautious stance within the close to time period. On the benchmark entrance, Nifty has the following crucial help at 14,100 ranges. In case of a rebound, the 14,500-14,650 zone would act as a hurdle.