The market today saw a sharp drop in the afternoon and Nifty gave up more than 100 points to close in the red. Midcaps underperformed, only the Bank Nifty managed to close in the positive.
Ashwani Gujral of ashwanigujral.com attributes this fall to news from Europe, where UK PM today called for snap elections and also could be because the morning longs may have got trimmed. However, 9050 remains a support zone for Nifty, he says.
The Sensex was down 94.56 points at 29319.10, while the Nifty was down 34.15 points at 9105.15. The market breadth was negative as 1,111 shares advanced against a decline of 1,778 shares, while 142 shares were unchanged.
Market Expert Ambareesh Baliga says market lacks value buying opportunity, for example a stock like Indiabulls Real moving up 40 percent just on back of demerger news, is very surprising.
SP Tulsian of sptulsian.com, Mitessh Thakkar of mitesshthakkar.com shared their views on stocks and sectors along with Baliga and Gujral.For full discussion, watch video