Volatility is normally higher on the last two days of monthly expiry but this time the fall with higher volatility show cautiousness amongst market participants before the Budget event. Earnings are coming out better-than-expected but profit-booking is seen in most companies that have declared results so far barring a few cases, according to Rusmik Oza, executive vice-president and Head of Fundamental Research at Kotak Securities.
Axis Bank, Titan, IndusInd Bank, HDFC Bank, Dr Reddy s, HDFC and Asian Paint were the major laggards among the 30-share frontline companies list, falling up to 4 per cent.
In the broader market, the smallcap and midcap indices fell up to 1.38 per cent. Sectorally, banking stocks declined 2.93 per cent, followed by finance (2.72 per cent), metal (2.54 per cent), realty (2.28 per cent) and auto (2.11 per cent).
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Nifty opened gap down on Wednesday and selling pressure dragged the index below the psychologically important 14,000 mark. The index slipped and touched an intraday low of 13,929 level and eventually closed at 13,967 with a loss of 271 points. The index continued to form lower top and bottom for the third straight session. Nifty also formed a Bearish Belt Hold sort of candle, indicating that the bears had complete control over the market through the session.
Nifty may continue to remain highly volatile ahead of Thursday’s monthly F&O expiry and next week’s Union Budget. Now, as long as Nifty remains below 14,200 level, every bounce can be sold into and weakness may be seen towards 13,800 level, while on the upside key hurdle exists at 14,200 and 14,350 levels.
Investors wealth plunge over Rs 8 lakh crore in four days
Recordings its fourth straight session of loss on Wednesday, the Sensex tumbled 937.66 points or 1.94 percent to close at 47,409.93. In the four straight sessions, the benchmark has fallen by 2,382.19 points or 4.78 percent. PTI January 27, 2021 / 07:00 PM IST
Investors wealth eroded by more than Rs 8 lakh crore in four consecutive sessions of stock market loss.
Recordings its fourth straight session of loss on Wednesday, the Sensex tumbled 937.66 points or 1.94 percent to close at 47,409.93. In the four straight sessions, the benchmark has fallen by 2,382.19 points or 4.78 percent.
Tracking the muted sentiment, the market capitalisation of BSE-listed firms declined by Rs 8,07,025.09 crore to Rs 1,89,63,547.48 crore in these four days.
Highlights
Nifty plunged below the psychological 14,000 level.
Rampant selling across counters.
Mumbai: The BSE benchmark Sensex crashed 938 points to slip below the 47,500 mark and the NSE Nifty plunged below the psychological 14,000 level due to rampant selling across counters.
Marking its fourth straight session of loss, the Sensex tumbled 937.66 points or 1.94 per cent to settle at 47,409.93 taking the aggregate four-session loss to 2,382.19 points or 4.78 per cent.
Likewise, the NSE Nifty plunged 271.40 points or 1.91 per cent to close the session at 13,967.50. Over the last four sessions, the 50-share index has lost 677.20 points or 4.62 per cent.
On the Sensex chart, Axis Bank, Titan, IndusInd Bank, HDFC Bank, Dr Reddy s, HDFC and Asian Paint were major losers.
Grasim’s aim to pull off a Jio puts Asian Paints valuations in doubt
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Many have come and failed as they were unable to get past Asian Paints’ unmatched distribution and value proposition to customers.
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MUMBAI: India’s decorative paints industry has been a lucrative ground for those who have wanted to challenge the hegemony of market leader Asian Paints over the years. Many have come and failed as they were unable to get past Asian Paints’ unmatched distribution and value proposition to customers.
This time it’s different or so the Dalal Street feels.