Market extended losses on the second consecutive day; short-term trend is downwards now

Nifty opened at 22339.05, a gap down of 180.35 points from Friday’s close due to raised tension in the Middle East and closed at record level of 22272.50 down 246.90 points or 1.10%.

The loss were majorly due to decline in heavy-weight stocks like HDFC Bank, ICICI Bank, L&T, Infosys, and TCS. While ONGC, Hindalco, Maruti Suzuki, Bharti Airtel, and Nestle India helped mitigate the loss.

In line with the benchmark indices, the wider markets ended the day lower. The BSE Mid Cap ended with a 1.50% lower, while the BSE Small Cap had a 1.54% decline. On BSE, 2,984 stocks declined, 917 stocks advanced and 148 remained unchanged.

Among the sectoral indices, the Nifty Oil & Gas index (up 0.41%), the Nifty Metal index (down 0.58%) and the Nifty Auto index (down 0.78%) outperformed the Nifty50 index. Meanwhile, the Nifty Media index (down 2.23%), the Nifty PSU bank index (down 1.98%) and the Nifty Financial Services index (down 1.75%) underperformed the Nifty 50 index.

The Nifty’s short-term trend looks bearish, investors should look for buy on dips

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NEWS UPDATES

• Cement companies may be riding high on the potential for growth considering the big infra push, but analysts at Kotak Institutional Equities are underwhelmed. In a report dated April 15, Kotak analysts said they were “baffled” over the market’s perennial optimism regarding the sector’s profitability, despite recurrent earnings downgrades.

• In a recent shareholder letter, Vallum Capital Advisors showcased their bullish stance on specific stocks, reflecting optimism driven by strong growth indicators. While specific stock names weren’t disclosed, Vallum’s confidence mirrors its portfolio, which includes Landmark Cars, Arvind Fashions, Saregama India, Muthoot Finance, Home First Finance Co India, and Ajanta Pharma, among others, as per data from PMS AIF WORLD.

• Renewed tensions in the Middle-East sent benchmark indices Sensex and Nifty into a tailspin on April 15. Most of the sectors came under pressure, with IT and banking indices emerging as the worst hit. However, analysts believe that the war woes are mostly priced in and investors will now take cues from corporate earnings season and 2024 general elections for further direction.

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

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