What Happened With Market Today

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Sensex nosedived over 800 points from intra-day’s high on last hour selling after the news that Germany is considering full Covid lockdown and mandatory vaccines which dampened the market sentiment. Both European markets and US Future fell to negative territory on fears of rising pandemic cases in the eurozone area. After trading in the green for the most part of the session, the Sensex gauge settled 323 points or 0.50 percent lower to close at two months low at 58,341 while touching an intra-day high of 58968. Nifty fell 88 points (0.5%) to close at 17415. It touched an intraday high of 17600. Infosys, Cipla, Tata Consumers, Reliance, Tech Mahindra, Tata Motor, and Maruti were among the major losers in the Nifty stocks. However, ONGC, Coal India, Kotak Bank, BPCL, and ICICI Banks managed to end in positive territory. Metal, tech, real estate, auto, and pharma stocks witnessed profit booking.

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Among the global markets, the European market fell half a percent from the high. Germany is set to decide on tougher Covid restrictions today while officials have been considering more Covid rules and even a full or partial lockdown. Asian market ended on a mixed note on worries over rising inflation and expectations of tighter central bank monetary policy. US 10-Year bond surged to a 1-month high at 1.66%. In the domestic market front, continued FIIs selling and poor economic data have a negative impact on the market.

Among the major index, Nifty IT Index witnessed major losers today and declined 1.5%. Nifty FMCG and Auto Index declined 1% each. Nifty small-cap Index declined half percent while mid-cap index advance half percent. Nifty realty, metal, and energy ended flat but fell from the intra-day high. Bank Nifty gained half percent. India Vix slipped 5% to close at 17.09.

Among the tech stocks, Infosys slipped over 2% to close at Rs1796. Tech Mahindra shed 1.5% to close at Rs1538. LTI, Mphasis, LTTS, Coforge, and Wipro declined by 1-3%. Shares of India’s Paytm rose for a second day, easing a selloff that wiped out about a third of the digital payments startup’s value in its first two trading sessions. It has climbed up by 17% to close at 1752 amid 2.1cr shares traded on NSE.

Among the Auto stocks, Maruti slipped over 2% to close at Rs7669 on account of profit booking. Tata Motor, Eicher Motor, TVS Motor, and M&M declined 1-2%. FMCG stocks like Tata Consumers shed 3% to close at Rs799. ITC, Dabur India, Britannia, Nestle, and Hindustan Unilever slipped 1-2% on account of profit booking.

Telecom stocks gained after announced the mobile service provider Vodafone Idea announced tariffs hiked by at least 20%. Larger rival Bharti made a similar move earlier this week. The idea gained 4% to close at Rs11 while Bharat ended on a flat note at Rs759. It has touched a record high of Rs781. Media major Zee Entertainment gained 75 to close at Rs334 amid 4.3cr shares traded on NSE. Zee Entertainment Punit Goenka, MD, and CEO of said at an event in Delhi on Tuesday that the merger talks between Zee Entertainment Enterprises and Sony Pictures are in the final stages

Banking stocks like ICICI Bank gained 1% to close at Rs760 and Kotak Bank surged over 1% to close at Rs760. PSU Banks gained after the news that the government to be considered for privatization of two public sector banks. Indian Overseas Bank jumped as much as 14%, most since Sept. 30 followed by Central Bank of India, Bank of Maharashtra Rose, and Indian Bank gained 5-10%.

Technical Outlook:

The Nifty index opened positive and it sustained for the most part of the day with capped upside movement. However, the concluding hour witnessed sharp selling pressure and the index drifted towards 17350 zones. It fizzled out its recovery mode and closed with losses of around 90 points. It formed a Bearish candle on the daily scale but negated its lower highs – lower lows formation of the last five sessions. Now till it remains below 17500 zones, weakness could be seen towards 17350 and 17200 levels whereas hurdles exist at 17600 and 17777 zones.

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