BSE Sensex and Nifty staged recovery in the dying hour of trade on Tuesday, but ended in the red. benchmarks indices finished trade in the negative territory for the fifth consecutive session. BSE Sensex fell 383 points or 0.7 per cent to 57,300, while Nifty 50 index lost 114 points or 0.7 per cent to finish at 17,092. During intraday, Sensex fell to a day’s low of 56395, while NSE’s Nifty hit 16,843.80 low. Stocks of index heavyweights such as Tata Consultancy Services (TCS), State Bank of India (SBI), HDFC Bank, Reliance Industries Ltd (RIL), and Tata Steel, among others. All the Nifty sectoral indices ended in the negative territory. Bank Nifty was down nearly 1 per cent in today’s trade. Broader markets, once again, underperformed equity benchmarks. S&P BSE Midcap fell 0.7 per cent or 165 points to 23,417, while S&P BSE Smallcap lost 440 points or 1.6 per cent to finish at 26,697.23.
Vinod Nair, Head of Research, Geojit Financial Services
Escalation in Russia-Ukraine issue and a sharp surge in oil prices forced global markets to plunge sharply. Indian equities opened with heavy losses tracking overnight fall in the global market and its adverse spill over to commodity prices. However, the domestic market managed to trim down its losses during the late session. Continued offload by FIIs has increased volatility while DIIs are adding position.
S Ranganathan, Head of Research, LKP Securities
Just when the Global Economy is beginning to recover and normalise from the impact of the pandemic, Russia has recognised the independence of separatist regions in Ukraine thereby inviting the possibility of severe sanctions being imposed by the US & EU. Today’s Trade saw selling pressure across several Pharmaceutical & Auto Ancillary companies with exposure to the EU. Despite a recovery in afternoon trade, almost all sectoral indices ended in the red with India VIX soaring over 20% today amidst geopolitical tensions and rising oil prices
Vijay Dhanotiya, lead of Technical Research at CapitalVia Global Research
The market failed to show resilience to stay above the level of 17000. As of now, the short-term technical condition of the market shows that the expected range of the market is likely to be between 16800 and 17400. While it is subject to further price action evolution, our research suggests it is prudent to wait for volatility to subdue and technical factors to improve before attempting to build short to medium term investments. As such we retain our cautious stance, until we see further improvement in the market.
Deepak Jasani, Head of Retail Research, HDFC Securities
Nifty ended lower for the fifth consecutive session on Feb 22, driven lower by developments on the Russia Ukraine front. Nifty opened gap down and made an intra day bottom in the first 5 minutes of trade. It later rose making higher tops and bottoms. At close Nifty was down 0.67% or 114.4 points at 17092. Nifty continues dropping everyday and then recovering part of the losses by the end of the day. 16809-16836 band continues to provide support on falls while 17267 could offer resistance.
