Closing Bell: Sensex falls 589 points, Nifty settles below 13,650; mid, smallcaps outperform

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Taking Stock | Nifty Ends Below 13,650; Market Corrects 7% In 6-day Fall Ahead Of Budget

Only four stocks - IndusInd Bank, Sun Pharma, ICICI Bank and HDFC Bank - could manage to end in the green in the Sensex index.

Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments

Nifty broke 13,700 and closed below it. We could slide further to 13,400 and thereafter to 13,200. 

The fall has been backed by very high volumes especially in the last hour of trade. Any rally can now be utilised to short the Nifty for lower targets. The resistance is now at 14,000 and until that is not crossed, we will remain in the grip of the bears.

Closing updates: Sensex closed 589 points, or 1.26 percent, down at 46,285.77 while Nifty shut shop at 13,634.60, down 183 points or 1.32 percent.

Mid and smallcap outperformed their larger peers as the BSE Midcap and Smallcap indices closed 0.69 percent and 0.25 percent lower, respectively.

Sensex gainers & losers

PSU Bank stocks shine: Most of the public sector banking stocks witnessed strong gains after the Economic Survey 2021 advocated in the favour of adequate capitalisation of public sector banks.

The Economic Survey 2021, released on January 29 ahead of Budget 2021, has called for adequate capitalisation of public sector banks. If capital is not provided, lenders may resort to risk-shifting, it said. In turn, impacting the real economic recovery.

Shares of Canara Bank, Bank of India and Punjab National Bank jumped up to 5 percent.

Market update: The Indian market benchmarks are witnessing strong volatility as the Sensex and the Nifty swung between gains and losses. In intraday trade today, Sensex has swung over 850 points. 

Nifty Bank index up 2%

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