Closing Bell: Sensex plunges 304 points, Nifty ends below 12,200 on the last day of CY19
The Indian market ended in the red on December 31, as investors took money off the table on the last day of the calendar
year 2019. Market barometer Sensex remained in the red throughout the session, tracking weak global cues while lack of any fresh positive trigger kept investor sentiment low.
Gaurav Ratnaparkhi, Senior Technical Analyst, Sharekhan by BNP Paribas: Nifty on December 30 had faced resistance near the hourly upper Bollinger Band as well as near the high of 12,293. The selling pressure continued on Tuesday as well. As a result the index formed a bearish Belt Hold candle on the daily chart today. On the way down, the Nifty has breached the immediate support zone of 12210-12200. This shows that the minor degree correction can get deeper.
Consolidation that Nifty is witnessing since the last few sessions is likely to be a prolonged one and can run into the next couple of weeks. On the downside, Nifty can test the key psychological mark of 12,000. So traders are recommended to stay on the sideline and wait for fresh buying opportunity to emerge at lower levels.
December 31, 2019 / 04:06 PM IST
Raghav Chandra, Former Chairman, NHAI: Private sector would need significant incentives to ramp-up investments to 30 percent. Funding continues to be a challenge for private infra players. Rate of borrowing continues to be high for private infra players. Government needs to address practical challenges faced by private players. Successful implementation of PPP model requires confidence building and requires handholding by government. Policy should be in place to protect against unfair cancellation of orders.
December 31, 2019 / 04:02 PM IST
Vijay Chhibber, Former Union Secretary, Ministry of Roads: Govt has made its intent clear that it would continue its focus on infra. Think government should focus on encouraging the PPP framework. Government needs to signal PSU banks to provide quick closures to road players needs to ensure policy continuity with respect to the infra space.
December 31, 2019 / 03:57 PM IST
Rohit Singre, Senior Technical Analyst at LKP Securities: Nifty showed strong profit booking on last day of the year and closed the day at 12168 with loss of 77 points forming an evening star candle pattern on daily chart which is strong bearish reversal candle by nature. If the index manages to breach 12150 zone, we may see more drag down in index in near term. Immediate support for Nifty is near 12110-12050 zone and resistance is near 12200-12250 zone, any break above 12200 zone can show a good recovery in the index.
December 31, 2019 / 03:53 PM IST
Nagaraj Shetti, Technical Research Analyst, HDFC Securities: The selling pressure seems to have intensified from near the all time highs today, which is a last trading day of 2019 and the Nifty closed the day sharply lower. A long negative candle was formed today with after the formation of a slightly lower top at 12286 levels of the last session. Technically, this pattern could be a cheering factor for bears to make a comeback from the highs.
The Nifty is currently placed near the immediate support of 12120 levels and a move below this support could open up short term downward correction in the market. The important reversal pattern is yet to be confirmed at the highs.
December 31, 2019 / 03:51 PM IST
Sudip Bandyopadhyay, Group Chairman, Inditrade Capital: We would look at the infra companies and construction related companies. The step was on the expected lines, we will have to wait and watch the implementation. We will have to wait and watch private sector participation comes in terms of investments in infra projects. I would watch Larsen & Toubro and some of the other largecap names. Also, the road construction companies will be in focus.
December 31, 2019 / 03:42 PM IST
Amit Shah, Technical Research Analyst with Indiabulls Ventures: Markets witnessed profit booking ahead of the press conference from the FM. With yesterday's close markets ended the CY19 on a positive note with gains of twelve percent. Going ahead the positive momentum is likely to continue in the year 2020 and we expect index to head higher towards our near term tgt of 12,400-12,450. Nifty has an immediate support zone near 12,100 zone and dips should be utilized to build long positions. Support for Nifty at 12,100-12,000 and resistance at 12,300-12,400
Bank Nifty too witnessed profit booking ahead of the FM press meet. Bank Nifty closed the CY19 on a positive note with gain over 18 percent outperforming the benchmark index. Support zone of 31,900 has held well so far and the index has bounced back from the same zone. Only a decisive breach below 31,900 will be near term negative for the Bank Nifty. 32,500 zone is acting as a resistance zone and a convincing close above the mentioned resistance zone will add strength for the Bank Nifty. We continue to maintain our tgt of 33,000 zone on the upside for the index. Support is at 31,900-31,700 and resistance is at 32,500-32,800.
December 31, 2019 / 03:37 PM IST
Market at Close: Sensex ended down 304.26 points or 0.73 percent at 41253.74 while the Nifty shed 87.40 points or 0.71 percent at 12168.50. NTPC, Tata Motors and Sun Pharma are the top gainers while Tech Mahindra, Bajaj Auto and Reliance Industries are the top losers.
Among the sectors, the Auto and IT index fell the most. About 1351 shares have advanced, 1184 shares declined, and 185 shares are unchanged.
December 31, 2019 / 03:34 PM IST
Finance Minister Nirmala Sitharaman: States and Centre will get to interact with investors in annual Global Investor Summit. There will be an annual supplementary report issued every year.
December 31, 2019 / 03:33 PM IST
Finance Minister Nirmala Sitharaman: Private share in national infra pipeline at 22 percent, to rise to 30 percent by 2025. Central Govt and state govts to have 39 percent share each in national infra pipeline. Looking at various steps towards enforcement of contracts. A robust monitoring framework will be established. Looking at various steps to reform PPP projects, dispute resolution. Annual Global Investor meet will be organised - first edition in second half of 2020.