Home » Nifty, Sensex erase intraday gains to end in red amid high volatility; ‘use dips to buy quality stocks’

Nifty, Sensex erase intraday gains to end in red amid high volatility; ‘use dips to buy quality stocks’

by EasyDailyCrypto News
0 comment 2 views

Indian equity markets ended in red in a highly volatile session on Tuesday. Benchmark indices erased gains and ended lower on after US stock futures suggested weaker opening for Wall Street later tonight. The S&P BSE Sensex zoomed 631 points during the day, but settled 100 points, or 0.19%, lower at 53,134. The NSE Nifty 50 opened positive and crossed 16,000 mark during the session. However, it fell in the last hour of the session following the weakness in European markets and US Futures. Sectorally, the Nifty Metal index was the best performing index today, up 0.3%. On the flipside, the Nifty IT index slipped 0.7%. In the broader markets. the BSE MidCap index fell 0.4%, but the BSE SmallCap index rose by 0.2%.

Mohit Nigam, Head – PMS, Hem Securities

“Indian equity markets ended the day at their lowest positions after trimming the majority of their gains in the late afternoon session. The news that the United States may opt to reduce some tariffs on Chinese imports in a bid to control record-high inflation caused Asian markets to trade primarily in green on the international front. The walkout by Norwegian oil and gas employees increased anxieties about an energy shock in Europe and contributed to anxiety about soaring inflation, causing European markets to trade lower. Immediate support and resistance for Nifty are 15,650 and 16,000 respectively. Immediate support and resistance for Bank Nifty are 33,500 and 34,100 respectively.”

Ajit Mishra, VP – Research, Religare Broking

“It was a roller-coaster ride for markets as the Nifty swung volatile in a broader range and finally settled around the day’s low. Initially, supportive Asian cues triggered a firm start which was further boosted by healthy buying in banking majors and a rebound in metals, energy and pharma pack. However, the tone changed completely in the second half and the index surrendered all its gains. Eventually, the Nifty index ended in the red to settle at 15,810 levels. In line with the benchmark, the broader indices ended with a marginal cut in the end.”

“The sharp decline in the index can be attributed to the uncertain global markets and caution ahead of the earnings season. On the index front, the Nifty should hold decisively above 15,900 to inch towards 16,200 while a decline below 15,600 would again put the bears back in the game. Having said that, we maintain our bullish view on auto, FMCG, select pharma and realty counters and suggest utilizing dips to look for buying opportunities in these spaces.”

Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services

“Nervousness ahead of the US Fed meeting minutes as well as expectation of weakness in the upcoming results season made investors to book out from the intraday gains. Even Indian rupee touched a new record low adding to the overall weakness in the market. Nifty briefly crossed 16000 mark but lost momentum in the last hour with selling pressure witnessed in IT, Banking and Auto. Markets would continue to track global cues as well as pre-quarterly updates in the near term. The result reason which would be a key driver for the market would start with TCS announcing its results on Friday.”

Related Posts

Leave a Comment