Sensex, Nifty give up intra-day gains to end deep in red; here’s what experts make of today’s trade

By Fe Online5 days ago

Benchmark indices erased all intra-day gains to end in the negative territory on Tuesday. S&P BSE Sensex ended at 48,253, down 465 points while the Nifty 50 index closed just shy of 14,500.

Among sectoral indices on NSE, only the Nifty PSU Bank index closed with gains. (Image; REUTERS)

Benchmark indices erased all intra-day gains to end in the negative territory on Tuesday. S&P BSE Sensex ended at 48,253, down 465 points while the Nifty 50 index closed just shy of 14,500. Index heavyweight Reliance Industries was the biggest Sensex drag, falling 2.11% on Tuesday. It was followed by Sun Pharma, Dr Reddy’s, and HDFC Twins. ONGC, Bajaj Finance, and TCS were the top gainers. Broader markets followed the benchmark indices. Among sectoral indices on NSE, only the Nifty PSU Bank index closed with gains.

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Deepak Jasani, Head of Retail Research, HDFC Securities

Indian benchmark indices fell for the second times in three days on May 04, following concerns over FPI selling in the recent past and further action expected to combat the Covid situation. Asian stocks were largely lukewarm on Tuesday as a continuous surge in COVID-19 cases kept investors on the sidelines amid holiday-thinned trade. .Nifty has come under pressure as India’s official tally of coronavirus infections surged past 20 million, IPL cricket tournament has been suspended with immediate effect and Corporate management commentary remained cautious on Q1 performance due to lockdowns. Fears of stricter lockdowns also brought caution amongst traders. 14416-14634 is the band for the Nifty over the near term.

Vinod Nair, Head of Research at Geojit Financial Services –

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