The Indian markets fell for a third day on Monday amid sell-off in index heavyweight Reliance Industries (RIL) even as most global markets posted gains on optimism around fresh stimulus in the US. Market players said worries that the government might increase taxes on stock market transaction in the Union Budget also weighed on the sentiment. After swinging nearly 1,000 points, the BSE benchmark settled with a loss of 530.95 points or 1.09 per cent at 48,347.59. The broader Nifty fell 133 points or 0.93 per cent to end the session at 14,238.9. Shares of RIL fell nearly 6 per cent and accounted for nearly a third of the losses. Investors dumped the shares of the country’s most-valuable company on disclosure concerns even as the company posted record profits.
Sensex slips 746 points, ends below 49,000: Five factors that led to correction today
HDFC, ONGC, ITC, L&T, RIL, NTPC were among the top losers today, while Bajaj Auto, Maruti, M&M, TCS, HUL were among the top gainers on Sensex
BusinessToday.In | January 22, 2021 | Updated 17:48 IST
On the currency front, Indian rupee clocked marginal gains by 2 paise to settle at 72.97 amid weak US dollar
Market indices continued to slide for the second consecutive session and closed at day s low in line with weak global equities. Tracking losses in index majors Reliance, HDFC twins and ICICI Bank, Sensex ended 746 points lower at 48,878 and Nifty closed 218 points lower at 14,371.
Technical View: Nifty50 selling at high levels makes analysts cautious
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Last Updated: Jan 22, 2021, 06:40 PM IST
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Synopsis
Analysts said the market action of the last two sessions has replicated the pattern of Nifty50 weakness seen on January 15 and January 18.
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Analysts are cautious, even as they believe a small pullback cannot be ruled out.
NEW DELHI: Nifty50 on Friday plunged over 200 points and closed below its immediate support of 14,500 level. The index formed a long bearish candle on the daily chart and an indecisive candle on the weekly scale, suggesting selling pressure at higher levels.
Analysts said the market action of the last two sessions has replicated the pattern of Nifty50 weakness seen on January 15 and January 18. They are cautious, even as they believe a small pullback cannot be ruled out.