Sensex, Nifty abandon intraday earnings to end up deep in the red; here’s what the experts think of today’s trading

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Among the sector indices on NSE, only the Nifty PSU Bank index closed with gains. (Image; REUTERS)

The benchmarks erased all intraday gains to end in negative territory on Tuesday. S&P BSE Sensex finished at 48,253 points, down 465 points while the Nifty 50 index closed just under 14,500. The Reliance Industries heavyweight index was Sensex’s biggest drag, down 2.11% Tuesday. He was followed by Sun Pharma, Dr Reddy’s and HDFC Twins. ONGC, Bajaj Finance and TCS were the best winners. The larger markets followed the benchmarks. Among the sector indices on NSE, only the Nifty PSU Bank index closed with gains.

Deepak Jasani, Head of Retail Research, HDFC Securities
“Indian benchmarks fell for the second time in three days on May 04, following concerns about the sale of REITs in the recent past and further measures planned to tackle the Covid situation. Asian stocks were largely lukewarm on Tuesday, as a continued rise in COVID-19 cases has kept investors on the sidelines in holiday-lit trading. Nifty came under pressure as India’s official coronavirus infection tally surpassed 20 million, the IPL cricket tournament was suspended with immediate effect and comments from company management remained cautious on the performance of the former. quarter due to lockouts. Fears of tighter lockdowns have also prompted traders to be cautious. 14416-14634 is the group of the short term Nifty. “

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Vinod Nair, Research Manager at Geojit Financial Services –
“Indian stock exchanges opened with a strong grip but failed to hold onto their gains due to weak international markets. As tech heavyweights continued to weigh on Wall Street stocks, US futures slipped as European stocks struggled to find direction. On the Indian front, the gains of public sector banks were offset by weakness in pharmaceutical and auto stocks. “

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Mohit Nigam, Head, PMS, Hem Securities –
“The markets erased all opening gains after a second session sell-off led by RIL, HDFC Twins and Large cap ITs. A sharp movement was observed in some PSU stocks with GNP gaining 8.5%. A close below 14,500 is slightly negative for markets and markets may test 14200 levels again. Strong positive results on the corporate front are currently protecting the downside. “

S Ranganathan, Head of Research at LKP Securities –
“The indices lost a percentage on Tuesday as the Street sanctioned disappointment in earnings in several high-quality midcaps. Afternoon Trade witnessed profit taking in the Metals & Pharma names as the streets showed nervousness over regional lockdowns which accentuated weakness. In the larger market, paper stocks were in demand today due to the hardening of pulp prices, while coffee producers saw investor appetite. “

Manish Hathiramani, Proprietary Index Trader and Technical Analyst, Deen Dayal Investments –
“Markets did not break above the 14400 level at the close which means support is still holding. If we break this level, we might see levels closer to 14000-14100. On the upside there is strong resistance at 14700 and until we break through that we will not go into an uptrend. This is a narrow range and traders should be careful in their approach. “

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