Finance
By: Shree1news, 22 JAN 2021
Indian stock markets ended lower at this time amid robust selling pressure in banking and metal stocks. The blue-chip NSE Nifty 50 index fell 1.5% to 14,371.90 whereas the Sense slumped over 700 points to 48,878. It was the single-day biggest fall in Sensex for the reason that 3% correction on December 21. Global shares today slipped from record highs at present as investors took profits after a recent rally.
10 things to know about today’s market performance:
1) Reliance Industries fell 2.3% ahead of its December quarter earnings after its sharp gains earlier this week. Bajaj Auto surged 10.4% after strong quarterly results.
2) The Nifty bank index fell 3.2%, whereas the metals index dropped 3.9%. Axis Bank lost 5% whereas SBI, ICICI Bank and IndusInd Bank fell between 3% and 4%.
3) The India VIX index rose 1% to 22.42.
4) “The Nifty appears to have begun the pre-Budget correction. Although the week on week loss is simply 0.43%, the sentiments are dented severely going by the sharply adverse advance decline ratio. 14049-14098 is the support band for the Nifty,” stated Deepak Jasani, Head of Retail Research, HDFC Securities.
5) Ajit Mishra, VP – Research, Religare Broking Ltd, said: “The recent underperformance from the banking pack might derail the momentum if it continues next week as well”
6) “On the benchmark front, we feel a decisive break under 14,200 in Nifty could lead to further slide else we will see range-bound periods ahead. Amid all, there’ll be no relief from the volatility front because of the prevailing earnings season and upcoming derivatives expiry. We thus strongly advise keeping a check on naked leveraged positions and waiting for further clarity,” he added.
7) “We can expect volatility to remain high next week also as there would be the monthly expiry and will probably be the last week before the Union Budget. Earnings print is coming good and we’re seeing more upgrades than downgrades. Nifty-50 could stay within the 14,000-15,000 range until budget and any break-out or break-down from this vary might be seen publish finances,” stated Rusmik Oz., Executive Vice President, Head of Fundamental Research at Kotak Securities.
8) Global stock markets and U.S. futures retreated Friday after a resurgence of coronavirus infections in China and a rise in cases in Southeast Asia.
9) China, where the pandemic started in late 2019, has reimposed travel controls after outbreaks in Beijing and other cities.
10) The Chinese government has called on the public to keep away from gatherings and journey throughout the Lunar New Year vacation, usually the year’s most necessary household event. (With Agency Inputs)
Source:A-N
