BSE Sensex and Nifty 50 snapped their 3-day losing run and ended the volatile day with gains on Tuesday. BSE Sensex ended 187 points or 0.33 per cent up at 57808, while Nifty 50 index gained 53 points or 0.31 per cent to settle at 17266. Index heavyweights such as Reliance Industries Ltd (RIL), ICICI Bank, Bajaj Finance, Tata Steel, and Axis Bank contributed the most to the indices’ gain. Broader markets underperformed the equity benchmarks. S&P BSE Midcap index lost nearly half a per cent or 110 points to settle at 24,332, while S&P BSE SmallCap index fell 1.4 per cent or 412 points to finish trade at 29,068. Bank Nifty ended flat with a positive bias. India Vix, the volatility index, settled 3.68 per cent down at 19.69 levels.
Vinod Nair, Head of Research, Geojit Financial Services
Indian equities were highly volatile today, swaying between gains and losses while managing to close on a positive note. Selling pressure from FIIs was countered by bargain hunting by domestic investors. European shares advanced over ECB President’s comments stating that there are lower chances of a measurable tightening of monetary policy, which helped in comforting global investors.
Rupak De, Senior Technical Analyst, LKP Securities
Bulls managed to hold the psychological 17000 level after a fight with the bears. On the daily chart, Nifty has formed a dragonfly Doji pattern suggesting buying at the lower levels. The recovery in the market may continue as long as the index holds above 17000. On the higher end, immediate resistance is visible at 17330. Sustained trades above 17330 may induce further rally in the market.
Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investment
While the Nifty broke yesterday’s low, it bounced sharply to close above 17100. If we break 17100 on a closing basis, the markets can slide further to 16800-16850. On the upside there is a resistance at 17600 and we would need to close above that for the index to turn bullish.
S Ranganathan, Head of Research, LKP Securities
As policy makers face one of the fastest pace of price increases in the developed markets, global stock markets are facing a challenge in pricing the likely actions by central bankers. Back home, the Nifty opened extremely weak and drifted closer to 17K levels on geo-political worries and soaring oil prices with passive emerging market funds booking profits. As bond yields price in ahead of the RBI policy, supply of paper ahead of a mega primary market offering kept investors circumspect though indices managed to recover substantial lost ground to end in the green in afternoon trade.
Ajit Mishra, VP – Research, Religare Broking
Markets ended marginally up in a highly volatile trading session, taking a breather after the recent fall. The benchmark inched further lower after the flat start however recovery in the select index majors helped the index to recoup losses. Finally, the Nifty index closed around 17,266 levels. Amongst the sectors, a mixed trend was witnessed wherein realty, capital goods and industrials ended with losses while metal and PSU banking index posted modest gains. The broader markets remained under pressure as both midcap and small cap ended lower by 0.8% and 1.8% respectively. We’ve been seeing a roller coaster ride since the Union Budget and the scheduled MPC meet is likely to keep the volatility high. Besides, the global cues are also not portraying any favourable picture so participants should continue with the cautious stance and limit leveraged positions.
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