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Sensex, Nifty snap four-day gaining streak; here’s what experts make of today’s sharp fall

by The Outlooker Web Desk
November 19, 2020
in Business
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Sensex, Nifty snap 8-day gaining streak; here’s what experts make of today’s market movement
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SBI was the worst performed, down 4.88% followed by Axis Bank and ICICI Bank. Broader markets again outperformed benchmarks on Thursday.

Sensex and Nifty ended deep in red and brought their four-day gaining streak to a screeching halt. S&P BSE Sensex gave up the 44,000 points mark as it tanked 580 points, on the other hand 50-stock NSE Nifty closed at 12,771 levels. Financials bled on Dalal Street today with major banking stocks ending in the red. SBI was the worst performed, down 4.88% followed by Axis Bank and ICICI Bank. Broader markets again outperformed benchmarks on Thursday.

Deepak Jasani, Head of Retail Research, HDFC Securities –

“Indian equity benchmark indices  fell sharply on Nov 19, falling the most in nearly a month. Indices sold off post 1230 pm local time even as European markets came under selling pressure due to lockdown related fears. World stocks fell for the third day in a row on Thursday tracking overnight weakness in Asia and Wall Street as widening COVID-19 limitations weighed on market sentiments. Nifty has formed a triple top in the near term over the past three days in the 12934-12963 band. For the upmove to continue it would be necessary to breach this band. On downmoves 12607-12770 could offer support. There is a slight damage to the bullish sentiment in the markets. In case we do not get another negative trigger soon, we could recover from this setback.”

Vinod Nair, Head of Research at Geojit Financial services-

“The increasing virus infections raised fears of additional restrictions and considering its impact on global economic activity, global market sentiments turned negative. This was in spite of the optimism surrounding the advanced stages of vaccine development. Indian markets also witnessed profit booking from recent highs, as investors turned cautious. Financials led the losses while defensive sectors such as FMCG and Pharma fared better. The positivity in Auto sales numbers continued and could be an indicator of economic recovery. However, increasing virus infections, which is again being reported in some parts of India, can offset this nascent recovery. We can expect short term volatility in the markets and investors are advised to remain cautious”

Keshav Lahoti, Associate Equity Analyst, Angel Broking Ltd –

“Correction was led by banking stocks due to profit booking. Nifty Midcap 100 today also outperformed Nifty but closed down by 0.6%. Global market was in a negative zone: Dow Futures, Nasdaq Futures and FTSE were down by 0.4%, 0.5% and 1.0% respectively. After the sharp rally in the market from the last few days, we are a bit cautious on the market. We advise investors to have quality stock in their portfolio with strong revenue visibility at reasonable valuation.

Manish Hathiramani, Proprietary Index Trader and Technical Analyst, Deen Dayal Investments –

“After a gap down, the Nifty turned positive but was unable to sustain that for very long. It went back into negative territory but has not broken the support of 12500 which means the trend continues to remain bullish. 13100 still remains an open target which the index can achieve by the end of the November series.”

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The Outlooker Web Desk

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