| Index | Prices | Change | Change% |
|---|---|---|---|
| Sensex | 85,138.27 | -503.63 | -0.59% |
| Nifty 50 | 26,032.20 | -143.55 | -0.55% |
| Nifty Bank | 59,273.80 | -407.55 | -0.68% |
| Biggest Gainer | Prices | Change | Change% |
|---|---|---|---|
| Asian Paints | 2,954.40 | 86.80 | +3.03% |
| Biggest Loser | Prices | Change | Change% |
|---|---|---|---|
| Interglobe Avi | 5,697.50 | -96.50 | -1.67% |
| Best Sector | Prices | Change | Change% |
|---|---|---|---|
| Nifty Pharma | 22905.00 | 17.20 | +0.08% |
| Worst Sector | Prices | Change | Change% |
|---|---|---|---|
| Nifty Bank | 59273.80 | -407.50 | -0.68% |
On the daily chart, the index has formed a bearish Island formation. The pullback has got exhausted at the swing high of 9889 & the index has resumed the larger downtrend. Hence the index is now set for a significant decline with initial target area at 9050-9000. On the higher side, 9400-9430 will act as a resistance zone in case of any bounce.
Technically the Nifty has given a bearish signal by forming a bearish island reversal pattern after a rise. The next support to look forward to is at 9132, while the resistance is at 9392. The ultimate targets of the bearish pattern is at 8909.
The abrupt end of the recovery has certainly caught the participants completely off-guard and we might see the index drifting further lower ahead. With no major development on the local front, we feel the global cues would continue to dictate the market trend.
However, any news on a stimulus package for the ailing sectors may provide a breather. Besides, the earnings announcement would continue to induce stock-specific volatility, so participants should plan their trades accordingly.
The market was pounded today with the lockdown extension even as Reliance announced an Rs 56 billion investment by Silver Lake into its JIO platform. Financials bore the brunt of the selling as almost all sectoral indices with the exception of Pharmaceuticals closing with losses.
Globally, rising trade war tensions between US – China and domestically, dire economic news added to the negativity. The extension of the lockdown and the fear that the economy and businesses will take longer to get back on track, impacted the markets. Indian market will continue to be driven by global news flow and domestic earnings commentary.
: Indian indices slipped nearly 6 percent and broke the 4-day winning streak on May 4 amid rising tension between US-China over coronavirus.
At close, the Sensex was down 2,002.27 points or 5.94% at 31715.35, and the Nifty was down 566.40 points or 5.74% at 9293.50. About 567 shares have advanced, 1817 shares declined, and 179 shares are unchanged.
Hindalco Industries, ICICI Bank, Vedanta, Bajaj Finance and Tata Motors were among major losers on the Nifty, while gainers included Bharti Airtel, Cipla, Dr Reddy's and Sun Pharma.
Except pharma, all other sectoral indices ended in the red. BSE Midcap and Smallcap indices fell between 3-4 percent.
The Financial Resources and Management Committee of the Board of Directors of the company will be held on May 8, 2020, to consider the proposed allotment for the issue of the Private Placement of Rated, Secured, Redeemable Non-Convertible Debentures for Rs 100 crore with an option to retain oversubscription upto Rs 400 crore aggregating to Rs 500 crore.
The company has resumed its operations (Power and Ferro Alloys) situated at Paloncha, Telangana and Dhenkanal, Odisha, after receiving the permissions with restrictions from the respective State Governments.
Jefferies raised target to Rs 465 from Rs 365 per share. The growth in FY21 should be lower due to capacity constraints. It raised FY21/22 EPS estimates by 13%, reported CNBC-TV18.
Oil prices fell on Monday on worries that a global oil glut may persist even as coronavirus pandemic lockdowns start to ease, amid a fresh spat between the United States and China over the origin of the virus.
