Taking Stocks: Fears of a second wave of COVID-19 related cases tracking weak global forecasts, as well as further closures around the world, hurt investor sentiment on Monday and led to higher profits.
The S&P BSE Sensex fell over 800 points, while the Nifty 50 was unable to hold 11,300 levels, but held support near 11,250.
“Indian benchmark indexes surrendered to profit booking in the second half of the trading day and fell by more than 2%,” said Vinod Nair, Head of Research, Geojit Financial Services.
Additional sanctions are being considered in Europe following an increase in infections with high values and worries that earnings can never justify such values, markets can trade indefinitely for the time being be careful,” he said.
Let’s look at the final level on the D-Street – the S&P BSE Sensex fell 811 points to 38034, while the Nifty 50 fell 254 points to 11,250 levels.
Sector-wise, telecom, realty, metals, auto, and healthcare saw gains in the space.
Top Nifty gains include names like TCS, Infosys, and Kotak Mahindra Bank.
Top Nifty losers include JSW Steel, Hindalco, Tata Motors, and IndusInd Bank.
Stocks & Sectors:
Sector-wise, the S&P BSE Telecom Index fell by 5.7 percent, the S&P BSE Realty Index by 5.7 percent, and the S&P BSE Metal Index by 4.7 percent.
More than 100% volume spike was seen in stocks like Adani Enterprises, BHEL, Escorts, and Indiabulls Housing Finance.
The short buildup was seen in stocks such as Indiabulls Housing Finance, RBL Bank, and Bharti Infratel.
More than 140 stocks on the BSE hit a recent 52-week high, including names like Bayer Crop Sciences, Dr Reddy Laboratories, Apollo Hospitals, and VST Tillers.
The Nifty has set the bearish candle on the daily charts.
The index closed below the 5-day EMA and the 50-day EMA.
Experts believe that the selling pressure could extend to 10,950-11,000 as long as the Nifty trades above the key support of 11,300.
Markets have broken 11,300 support on a closing basis and this is definitely a terrible situation. We may fall to 10,950-11,000 levels as the fall today is severe and behind good volumes. Upward resistance is at 11,550-11,600. Until then, the market looks weak,” said Manish Hathiramani, a proprietary index trader and technical analyst, Dean Dayal Investments.