As trading commenced on Tuesday, benchmark indices witnessed a downward trend, with the Nifty 50 slipping by 108.30 points or 0.49 percent to reach 21,947.40 by 9:49 am. Similarly, the BSE Sensex saw a decline of 333.07 points or 0.46 percent, trading at 72,415.35.
Investors observed cautious trading amidst prevailing market conditions, with the indices reflecting the subdued sentiment prevailing in the early hours of the trading session.
In the current market scenario, all sectoral indices recorded losses, with Nifty IT witnessing a notable decline of 1.75 percent, trading at 36,241.15. Similarly, the Nifty Oil & Gas index registered a drop of 1.51 percent, trading at 10,935.10.
Further adding to the negative sentiment, indices such as FMCG, Media, Pharma, and Healthcare also experienced declines of over 1 percent as of 10:10 am. These developments reflect the broad-based bearish trend prevailing in the market, with investors exercising caution amid uncertain market conditions.
Anand James, Chief Market Strategist at Geojit Financial Services, commented on the outlook for the Nifty, stating, “Yesterday, we entered the market anticipating a potential upswing, but the recovery momentum faltered near the critical resistance level of 22,140. It appears that definitive directional movements have yet to materialize, and until they do, we anticipate a phase of distribution followed by a potential downturn, particularly if the 22,140-223 region remains unbreached. Our optimistic target is set at 22,400, while on the downside, we are closely monitoring the 21,850 level. Nonetheless, we anticipate a lingering sense of positivity as long as corrections remain contained within the vicinity of 21,990. In essence, our strategy suggests buying during periods of weakness and selling when strength emerges.”
Vaishali Parekh, Vice President of Technical Research at Prabhudas Lilladher, provided insights on the market outlook, stating, “For the day ahead, we anticipate support to emerge around the 21,900 level, while resistance is likely to be encountered at the 22,000 mark.”
As of 9:58 am, leading gainers on the NSE included Tata Steel, up by 1.14 percent, followed by Bajaj Auto (1.03%), Bharti Airtel (0.99%), Hindalco (0.85%), and Adani Enterprises (0.46%). Conversely, major losers during the same period were Tata Consultancy Services (-2.56%), BPCL (-2.23%), Nestle India (-1.94%), Cipla (-1.93%), and Dr. Reddy’s (-1.53%).
In related news, Balkrishna Industries traded at ₹2,269.10, with the company notifying stock exchanges about the conclusion of a search operation by Income Tax Department officials on March 16, 2024.
Meanwhile, HG Infra Engineering witnessed a surge in its stock price, trading at ₹915.20, up by 2.40 percent on the NSE as of 10:06 am. This uptick followed the announcement of an order receipt from Jodhpur Vidyut Vitran Nigam Limited.
Furthermore, IOL Chemicals and Pharmaceuticals experienced a significant jump of 12.22 percent in its stock price, reaching ₹406.25. The surge came after the company reported the successful completion of a Brazilian Health Regulatory Agency (ANVISA) GMP audit across all 10 API manufacturing units situated in Barnala, Punjab, without any observations.
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