At 12:28 hours IST - the 50-share NSE Nifty has seen heavy sell-off in afternoon trade, tested even the 5800-level, which is the major support level, says technical analysts. Capital goods stocks were extremely under pressure, which could be ahead of earning season; the respective Index tanked 3.4%. However, the Nifty showed a bit of recovery after testing that support level.
Oil & gas, private financial, metal, auto, healthcare and FMCG companies' shares were on sellers' radar; respective indices fell 1-2%. However, buying in Bharti Airtel, Infosys, Sterlite and SBI was trying to cap those losses a bit. The fall was always on the cards with spiralling inflation and high crude oil prices, says Ajay Srivastava, CEO of Dimensions Consulting.Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
