Market Continues Sell-Off on the Third Consecutive Day; Short-Term Trend Remains Down

Nifty opened at 22125.30, a gap down of 147.20 points from Monday’s close following the sell off in global markets and closed at 22147.90 down 124.60 points or 0.56%.

The loss were majorly due to decline in heavy-weight stocks like Infosys, ICICI Bank, TCS, L&T and Bajaj Finance. While HDFC Bank, Hindustan Unilever, Reliance Industries, Titan Co. and Eicher Motors helped mitigate the loss.

In line with the benchmark indices, the wider markets outperformed. The BSE Mid Cap ended with a 0.20% higher, while the BSE Small Cap had a 0.58% gain. On BSE, 2,256 stocks advances, 1,565 stocks declined and 112 remained unchanged.

Among the sectoral indices, the Nifty Media index (up 1.57%), the Nifty Oil & Gas index (up 0.60%) and the Nifty FMCG index (up 0.43%) outperformed the Nifty 50 index. Meanwhile, the Nifty IT index (down 2.58%), the Nifty PSU bank index (down 1.27%) and the Private Bank index (down 0.66%) underperformed the Nifty 50 index.

The Nifty’s short-term trend looks bearish, investors should remain cautious while trading.

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• On Tuesday, the Sensex was down 456.10 points or 0.62 percent at 72,943.68, and the Nifty was down 124.60 points or 0.56 percent at 22,147.90. The market breadth was in favour of gainers as around 2,218 shares advanced, 1,464 shares declined, and 105 shares unchanged.

• Rajiv Jain’s GQG Partners LLC is looking to invest around $400 million in Vodafone Idea Ltd.’s share sale that starts later this week, according to people familiar, in a vote of confidence in the unprofitable Indian wireless operator.

• The Indian rupee recorded its lowest-ever closing level against the US dollar on Tuesday amid the heightened tensions in the Middle East and the greenback’s strength weighing on the sentiment. The local currency weakened nine paise to close at Rs 83.54 against the greeenback. Intraday, the rupee hit an all-time low of Rs 83.555. It had closed at Rs 83.45 a dollar on Monday.

• Mahindra Launches Nine-Seater Bolero Neo+ SUV For Fleet And Family; The Mahindra Bolero Neo+, powered by a 2.2-litre diesel engine with micro-hybrid technology, is being offered in two variants at a starting price of Rs 11.39 lakh, ex-showroom India.

Source: Economic Times,  Indian Express, Business Today, Livemint, Business Standard, Bloomberg Quint

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