Sensex falls after 2-day record close on profit-booking; Nifty above 17,000 remains positive

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September 01, 2021 4:07 PM

BSE Sensex and Nifty 50 settled in the red even after hitting record-high levels during intraday on Wednesday

Sensex, Nifty, stock marketsOn a day of high volatility, indices gave up gains as profit booking was seen across IT & Metal names

BSE Sensex and Nifty 50 settled in the red even after hitting record-high levels during intraday on Wednesday. At close, the 30-share Sensex tumbled 580 points from the all-time high levels, to settle at 57,338.21. NSE’s Nifty shit shop at 17,076.25. It hit a record of 17,225.75 during intraday deals. Broader markets outperformed the equity benchmarks. BSE Midcap index gained 0.92 per cent or 219 points to finish at 24,072. While BSE SmallCap index added 0.22 per cent or 60 points to settle at 26,980. India VIX, volatility index, cooled off 2.30 per cent to settle at 14.19 levels.

Vinod Nair, Head of Research at Geojit Financial Services

Despite a strong opening due to favourable GDP data, domestic indices failed to hold onto its early gains due to profit booking strategy from the recent rally. India’s GDP rose due to the low base effect and was powered by private consumption expenditure & investment. The auto sector showed a flattish trend as sales for August saw a decline following supply constraints.

Ashis Biswas, Head of Technical Research at CapitalVia Global Research

The market witnessed some lackluster movement and an attempt to hold the level around the 17100. The market is going to be crucial for the short-term market scenario to sustain above the 17000 level. If the market is able to sustain the level of 17000, it can witness higher levels of 17250-17300. The momentum indicators like RSI, MACD indicating a positive outlook to continue.

S Ranganathan, Head of Research at LKP Securities

On a day of high volatility, indices gave up gains as profit booking was seen across IT & Metal names. The pace of vaccinations during the last couple of days enthused market participants even as the street took stock of GDP and GST numbers today the focus now shifts to few high-frequency consumption indicators.

Rohit Singre, Senior Technical Analyst, LKP Securities

Index witnessed some profit booking after showing a gap up opening and closed a day at 17076 with loss of half per cent forming a bearish candle on the daily chart. The index has formed a strong base near the 17k mark & holding above said level overall structure will be positive, going forwards 17k will act as a make or break level any break below can see more profit booking comes in & we may see the index dragging towards 16900-16800 zone and on the higher side immediate hurdle is formed near 17150 zone followed by 17220 zone.

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