COVID second wave shaves 10% off Sensex; more downside ahead?
The Sensex crashed 10 per cent as of Tuesday s closing from its all-time high of 52,516.76 hit on February 16. The Nifty is down nearly 6 per cent to 14,296.40 from its peak
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The market continued its downturn on Tuesday after a deep crash on Monday as India fights the second wave of Covid-19. In a volatile session, the Sensex settled 243 points lower, while Nifty closed at 14,296.40. Since governments are imposing state-level lockdowns, the doubts on the nascent economic recovery are obvious. However, the announcement for a mass vaccination drive from May 1 is giving some hopes.
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Nimish Shah of Waterfield Advisors said, a correction of up to 10 per cent from Nifty50’s peak value of 15,200 would be a good support level.
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Analysts said it was testing of the 14,200 level that brought buying on Nifty50 at lows.
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NEW DELHI: Nifty opened gap down and traded with deep cuts in the initial session, as the benchmarks bucked the global trend due to a spike in Covid 2.0 cases in India and imposition of curfew in the national capital and few other places. However, Nifty made a comeback due to the buying in dips approach in the market and formed a green Hammer like candle for the day.
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Markets crash on heavy FPI selling
April 19, 2021
Sensex falls 882 pts; Nifty dips 1.7% to test recent lows, but doesn’t break
Even as the global markets remained stable, heavy selling by foreign portfolio investors (FPIs) in the cash and derivative segments led to a sharp fall in Sensex and Nifty on Monday. For the third time in nearly a fortnight, the Nifty index tested the recent low of 14,250 but did not break.
Although investor sentiment is at its nadir, experts say that since Nifty’s third attempt to break the recent low decisively was unsuccessful on Monday, a reversal in trend could be in the offing if the index sustains at current levels.