The markets have opened in the middle of its current range which is between 10200 and 10450. Unless we do not cross or break one side, we will be sideways for the week
Following sell-off in global markets amid rising coronavirus cases in India, headline indices BSE Sensex and Nifty 50 slipped over one per cent lower on Monday dragged by banks and financial stocks. The 30-share index traded 377 points, or 1.07 per cent, down at 34,767, while the 50-share Nifty index was down 114 points, or 1.10 per cent, at 10,267. As many as 24 BSE Sensex stocks were trading in negative territory with Axis Bank falling the most, down 5 per cent, followed by Bajaj Finance, Tech Mahindra, IndusInd Bank, Bajaj Finserv, Tata Steel and L&T. On the other hand, Hindustan Unilever (HUL), Nestle India, ITC and Sun Pharma were up in the range of 1.6-0.20 per cent.
Here’s what analyst has to say: “The markets have opened in the middle of its current range which is between 10200 and 10450. Unless we do not cross or break one side, we will be sideways for the week. While the underlying tone still seems bullish, we would need to concentrate on the 10200 level which if broken can drop to levels closer to 10000. On the upside we need to go past 10450 on closing and then target 10700,” said Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments.
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Nifty FMCG, Nifty Pharma gain: Barring Nifty Pharma and Nifty FMCG, all the sectoral indices were trading lower. Nifty Bank was down over 2 per cent, Nifty Financial Service slipped 1.58 per cent in today’s trade. While Nifty FMCG gained 1 per cent and Nifty Pharma was up 0.40 per cent.
Coronavirus cases in India nears 5.5 lakh: Total coronavirus cases in India reached at 5,48,318 with the death toll at 16,475. Across the world, the total confirmed coronavirus cases have surpassed 1 crore-mark with over 5 lakh deaths.
Corporate earnings today: MRF, Bharat Forge, Reliance Communication, Bharat Electronics, Petronet LNG, Central Bank of India, Balaji Telefilms, Bajaj Hindusthan Sugar, CESC, GIC Housing Finance, GMR Infrastructure, Panacea Biotec, PC Jeweller, Phoenix Mills, Raymond, Rail Vikas Nigam, Venky’s India, and Welspun India, are among 586 companies that are scheduled to announce their March quarter earnings today.
FII and DII data: On Friday, foreign institutional investors (FIIs) sold shares worth Rs 753.18 crore, while domestic institutional investors (DIIs) bought shares worth Rs 1,304.18 crore on a net basis, according to the provisional data available on the NSE.
Global markets: Asian stock markets edged lower in Monday’s trade on the back of rising coronavirus cases. In overnight trade on Friday, US stock indices tanked over 2 per cent after several US states imposed business restrictions in response to a surge in coronavirus cases. The Dow Jones Industrial Average fell 2.84%, the S&P 500 lost 2.42%, and the Nasdaq Composite dropped 2.59%.