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Equity markets wilted under selling pressure for the third session in a row on Tuesday as the global market sell-off deepened on renewed concerns over the fast-spreading Delta variant of the coronavirus. Banking and finance stocks were the top drags.
Bears dominated D-street following overnight selling in the global markets due to the spread of the highly contagious delta variant of coronavirus and fall in economic growth data. Sharp fall in crude price and US bond yields reflected the rising concern over fall in future growth.
The Sensex plunged 354 points to close at 52,198 and Nifty50 lost 120 points to settle at 15,632 on Tuesday. Broader markets also succumbed to the selling pressure as both small-caps and mid-caps plunged nearly 1.5%
IndusInd Bank was the biggest laggard among the Sensex components, shedding 3.3%, followed by Tata Steel, NTPC, Bharti Airtel, HCL Tech, ICICI Bank, M&M and HDFC Bank.
On the other hand, Asian Paints topped the gainers’ list with a jump of 6% after the company reported an over two-fold increase in consolidated Q1 profit at Rs 574.30 crore.
UltraTech Cement, HUL, Nestle India, Maruti, and TCS were among the other winners, gaining up to 1.5%. A rebounding rupee and robust buying in select consumption counters capped the losses to some extent.
On the IPO front, the public offering of speciality chemical company Tatva Chintan Pharma Chem was subscribed 180 times.
It is a truncated week of trade as markets were shut on Wednesday on account of a Eid al-Adha.
Here’s how experts see markets trading on Thursday
Manish Shah, Founder, www.Niftytriggers.com
Nifty saw a sharp bout of decline and an equally strong bounce of the lows on Tuesday. VIX has moved from a low reading of 11.8 the high at 14.09. Nifty hit the rising 50 period average and reversed off the lows. Nifty also hit the support at 15600 and reversed.
Nifty also hit the support at 15600 and reversed. We may see one more day of a decline after which Nifty should head back towards 15900-15950 in next 3-4 trading days. On short term intraday charts we see a bullish pattern. If Nifty moves above 15680 expect a move higher to 15850 on Thursday weekly expiry. International cues will be important to track.
Manish Hathiramani, Technical Analyst, Deen Dayal Investments
The markets have been able to close above the 15,600 support which is heartening for the time being. The short term trend gets threatened if we break this level on a closing basis.
If a reversal in trend happens from the current juncture, the Nifty can scale up to 16,000-16,100. It is better to wait for a clean direction to emerge as the current risk is to reward ratio is skewed in favour of the risk.
Rohit Singre, Senior Technical Analyst, LKP Securities
The index managed to hold above 15,600, which suggests that if current levels are held, we may see some pullback in the upcoming session.
The pullback could take the Nifty towards the immediate hurdle zone of 15,700-15,770 and supports are still placed at 15,600-15,530.