Consolidation continues on D St; Sensex falls 465 pts; Nifty PSU Bank up 3%

 Stock Market Updates: A complete market sell-off in the last trading session has come to a halt as volatility has increased in government-19 cases and the pace of vaccination to investors on Talal Street has slowed. Furthermore, there was optimism in the markets following media reports that banks had approached the Reserve Bank of India (RBI) for a grace period of three months in favor of a slowdown in economic activity. .

After opening the gap and being in range for the best part of the day, the 30-share Sensex dropped to hammer and fell nearly 850 points from the day's high to touch 48,149. The index day gradually adjusted to a level of 48,253.5 at 465 points, or 0.95 percent.

The Nifty 50 fell 138 points, or 0.94 percent, to a psychological level of 14,500 at 14,496.5 points on the NSE. It touched a low of 14,461 on the previous day.

About 35 segments out of 50 in the index, which include Tata Consumer Products (down 4.3 per cent), Cipla, Reliance Industries, Dr Reddy's Labs, Hindalco Industries, TV Labs and Sun Pharmaceuticals, ended up in the red.

In contrast, SBI Life gained over 2 per cent on the Nifty on the second day, followed by Bajaj Finance, BBCL, Adani Ports, ONGC and Coal India.

Extensive markets, even in red, exceed the limit. The S&P BSE Midcap and Smallcap indices are down nearly half a percent today. Healthy acquisitions in PSUs such as Union Bank of India, Bank of India, Bank of India, Central Bank and NPCC, Bharat Forge, Shriram City Union Finance, Dish TV, Tata Steel PSL and Excel Industries are limited in the middle.

As a result, the Nifty PSU Bank Index gained only 3.5 percent on the NSE today. In contrast, the Nifty Pharma Index, which had profit bookings, is down 2 percent today. All other sectoral indices of NSE lost between 0.4 per cent and 0.8 per cent.

global market
European stocks saw gains on Tuesday in economic-sensitive sectors including mining, travel and energy, while British stocks outperformed after the extended weekend.

The pan-European STOXX 600 index was up 0.4 per cent, the German DAX 0.2 per cent and the UK FTSE 100 up in early trade.


Technical Vision :: Ashish Biswas, Head of Technical Research, Capitalovia Global Research

The market failed to show stability above the 14700 level of the Nifty 50 index. While this is subject to the development of price action, technical factors have been adjusted to support the range between 14400 and 14700. Therefore, use any short duration rally to exit. When trying to buy a disc strategy, short-term traders follow. The market size is deteriorating, indicating an opportunity for increased market volatility. Any downward right wave should be interested in purchasing the 14400.

Technical Vision :: Nagaraj Shetty, Professor of Technical Research in HDFC Papers

The market lacked the strength to push higher and the previous season's subtle vicissitudes were ruled out. The market may decline, with the next support at 14400 and the next level at 14200-14150, where one can expect another round of goals. Low bounce. May act as a barrier on the way to 14600-14650


Market closure commentary :: Deepak Jasani, Head of Retail Research, HDFC Securities

India's major indices fell for the second time in three days on May 4, with concerns over FBI sales in the past and expectations that the government would fight the situation. The Nifty began to fall after 1250 hours. The Nifty was down 138 points or 0.94% at 14,497.
 
The Nifty has come under pressure as the official number of corona virus infections has exceeded the previous 20 million, India's Premier League cricket match is immediately suspended and corporate management's comment on the effectiveness of Q1 due to the lockout is cautious . Fear of tight locks has also alerted traders. 14416-14634 is the band for the Nifty.
 


See Technology :: Sumed Bagdia, Managing Director, Choice Broking

On the technical front, the index faced resistance from Bollinger's middle band and the 50-day moving average. In addition, the random speed indicator shows a negative shortcut, which further increases the effect on the index. Currently, the index has support at the 14400 level, while reverse resistance has reached the 14700 level.


Market Close Opinion :: Vinod Nair, Head of Research, Geojit Financial Services

Indian businesses made a strong hold but were unable to make a profit due to weak international markets. America's future began to be technically overshadowed and Wall Street equities and European shares struggled in that direction. On the Indian front, weakness in pharmaceutical and auto stocks led to a rise in public sector banks.


Market Recipe :: S. Ranganathan, LKP Securities Research Head

The index lost one percent on Tuesday due to Street's revenue failures in several high-end midcap. The afternoon trade saw the names of metals and pharma as it showed tension about the road sector locks, which highlighted weakness. In the broader market, paper stocks are now trying to harden pulp prices, while drinking coffee.