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November 26, 2021 / 03:38 PM IST

Closing Bell: Mayhem on Dalal Street as Sensex, Nifty fall nearly 3% each on new coronavirus variant concerns

Among sectors, except pharma (up nearly 2 percent), all othwer sectoral indices lost 1-6 percent. The BSE midcap index shed 3.2 percent and the smallcap index fell 2.6 percent.

  • IndexPricesChangeChange%
    Sensex58,027.191,238.38 +2.18%
    Nifty 5017,268.35381.00 +2.26%
    Nifty Bank39,090.001,060.35 +2.79%
    Nifty 50 17,268.35 381.00 (2.26%)
    Tue, Oct 04, 2022
    Biggest GainerPricesChangeChange%
    IndusInd Bank1,212.3056.05 +4.85%
    Biggest LoserPricesChangeChange%
    Power Grid Corp208.50-2.30 -1.09%
    Best SectorPricesChangeChange%
    Nifty Metal5765.20171.25 +3.06%
    Worst SectorPricesChangeChange%
    Nifty Pharma13214.8095.85 +0.73%

  • November 26, 2021 / 04:48 PM IST

    Amol Athawale, Deputy Vice President – Technical Research, Kotak Securities:

    Markets plunged sharply on worries of rising Coronavirus cases in the west and reports of a new Covid variant. Due to weak global market conditions, we saw investors booking profit at higher levels. 

    The Nifty has formed a long bearish candle and after a lengthy correction it is currently trading near the 100-day SMA. On daily charts, the index has broken the important support level of 17200 and closed below the same. While the short term formation is weak, a quick pullback rally is not ruled out if the Nifty succeeds to trade above the 100-day SMA. 

    For day traders, 17150 or 100-day SMA would be the immediate hurdle above the same. On the flip side, trading below 17150, the index could decline up to 16900-16750 levels. 

    Contra traders can take a long bet near 16750 with a strict support stop loss at 16625. Meanwhile, the Bank Nifty closed below the 100-day SMA which is broadly negative. For the index, 37000 and 37700 could act as important resistance levels in the short run.

  • November 26, 2021 / 04:46 PM IST

    Joseph Thomas, Head of Research, Emkay Wealth Management:  

    The frontline indexes nosedived on a day of unprecedented selling across sectors and market caps. The movements in the domestic market has been in sympathy with the movements in other Asian markets as well, and quickly followed by Europe at opening.  

    The tapering of bond purchases by the Fed and the rising inflation fuelled the speculations of an early hike in rates by the Fed, that is, even before the conclusion of the tapering of bond purchases. These developments lent some strength to the US Dollar, and also prompted exit from emerging markets by FPIs.

    The markets are expected to remain volatile with reports of surging infections in the next wave of the pandemic especially in some of the European countries.

  • November 26, 2021 / 04:26 PM IST

    Ajit Mishra, VP - Research, Religare Broking:

    Markets plunged sharply on global COVID fears and lost nearly 3%. The bears were in control from the beginning as a new variant of COVID raised concerns globally and they further tightened their grip as the session progressed. Selling pressure was widespread and all sectors barring pharma ended with deep cuts. The broader indices also witnessed a similar trend and lost nearly 3% each.
    Though the COVID is not new to the market, the reaction is largely in response to the news of a different variant while the US and Europe are already struggling. The way markets have closed on Friday, we expect more pain in the coming sessions. 

    Apart from the global COVID-related update, markets will also be eyeing the domestic data like auto sales, GDP numbers, etc for cues. 

    Since Nifty has slipped below the critical support zone of 17,150, the next crucial support comes at 16,700. Traders should continue with the bearish bias and use the bounce to create shorts. 

    Investors, on the other hand, should see this as an opportunity and start accumulating quality stocks in a staggered manner. 

  • November 26, 2021 / 04:07 PM IST

    Sachin Gupta, AVP, Research at Choice Broking:

    The benchmark index crashed badly on the last trading day of the week, after a gap-down opening, the index continued the fall and retreated almost 3% in a day to close at 17026.50 levels while Bank Nifty has drifted more than 3.5%, settling at 36025.50 levels. 

    Technically, the index has continued the breakdown of the Head & Shoulder pattern after retesting the neckline, which indicates bearishness in the index. Moreover, the index has moved below 100 days SMA and also formed a Bearish Marubozu candle on the daily chart. 

    However, the momentum indicator RSI & Stochastic has been trading at oversold territory. At present, the Nifty has support at 16,700 levels while resistance at 17,300 levels.

  • November 26, 2021 / 04:00 PM IST

    Vinod Nair, Head of Research at Geojit Financial Services:

    Triggered by the new covid variant in South Africa, domestic markets plummeted into negative territory following weak global peers. 

    Existing inflation fears coupled with worries of an aggressive policy tightening by the US Fed Reserve also added to today’s catastrophic session. 

    On the domestic front, broad-based sell off was witnessed as investors dumped covid-sensitive stocks while focus was shifted towards the pharma sector amid growing concerns over the new variant with higher mutations.

  • November 26, 2021 / 03:51 PM IST

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

    Today's closing has left the markets at a crucial juncture. If we break today's low, the index can easily slide to 16400-16500. 

    The upside now has multiple resistance levels and we are definitely in a short-medium term bear market. Any up move should be utilized to find opportunities to go short on the markets.

  • November 26, 2021 / 03:38 PM IST

    Market Close: Benchmark indices slipped nearly 3 percent each on November 26 on the back of weak Asian markets and new coronavirus variant fears.

    At close, the Sensex was down 1,687.94 points or 2.87% at 57,107.15, and the Nifty was down 509.80 points or 2.91% at 17,026.50. About 964 shares have advanced, 2163 shares declined, and 80 shares are unchanged.

    JSW Steel, Hindalco Industries, Tata Motors, IndusInd Bank and Adani Ports were among major losers on the Nifty, while gainers included Cipla, Dr Reddy's Labs, Divis Labs, Nestle and TCS.

    Among sectors, except pharma (up nearly 2 percent), all othwer sectoral indices lost 1-6 percent. The BSE midcap index shed 3.2 percent and the smallcap index fell 2.6 percent.

  • November 26, 2021 / 03:28 PM IST

    Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities:

    Markets saw sharp correction this week amid renewed concerns pertaining to covid. BSE Sensex and Nifty declined close to 4% this week and are down by ~8% from their highs. 

    Correction in the market was broad-based with BSE Midcap and BSE Smallcap index also witnessing a decline. Amongst sectors, the BSE Auto index was a major underperformer having declined more than 7% this week. BSE Realty, BSE Bankex, and BSE Capital goods index were other underperformers, declining in excess of 4% during the week. Despite weakness in the equity markets, the BSE Pharma index saw positive returns. 

    The new variant of covid is presenting challenges in the form of lockdowns and travel bans. Apart from covid related concerns, inflation remains a worry for countries across the globe. FII’s have been net sellers this week. Equity markets in the near term will closely follow the impact of new covid variant, inflation data, and Central Bank policies. 

  • November 26, 2021 / 03:26 PM IST

    Germany to ban most travel from South Africa over new COVID-19 variant

    Germany will ban most travel from South Africa to halt the spread of a new Covid-19 variant with a large number of mutations, acting Health Minister Jens Spahn said Friday.

    The new rules, starting Friday night, will affect South Africa and "probably neighbouring nations", Spahn said, with only German nationals allowed entry. They must quarantine 14 days upon arrival even if vaccinated.

    "The last thing we need now is an introduced new variant that causes even more problems," Spahn said.

  • November 26, 2021 / 03:23 PM IST

    Asian and European countries, alarmed by new COVID variant, tighten curbs

    Asian and European countries rushed to tighten restrictions on Friday after a new and possibly vaccine-resistant coronavirus variant was detected in South Africa, with Singapore and India announcing stricter border controls and more rigorous testing.

    The variant has a spike protein that is dramatically different to the one in the original coronavirus that COVID-19 vaccines are based on, the UK Health Security Agency said.

    Scientists are still learning about the variant, first identified at the start of this week, but the news pummelled financial markets, with stocks in Asia suffering their sharpest drop in three months and oil plunging more than 3%.

  • November 26, 2021 / 03:17 PM IST

    BSE Power index fell 3 percent dragged by the Tata Power, BHEL, NTPC

     BSE Power index fell 3 percent dragged by the Tata Power, BHEL, NTPC
  • November 26, 2021 / 03:10 PM IST

    Amit Gupta, Fund Manager – PMS, ICICI Securities

    Nervousness on the new variant of Corona virus and expectations of US increasing the pace of tapering have led to recent market weakness. This trend may take some time to recover as the WHO meeting on the new mutant variant impact and hospitalization rates in US and Europe will be watched by the market very closely.

    India is on higher earnings growth trajectory and this is the only major risk which can spoil the sentiments. The current dollar strength also suggests the risk-off sentiments and is leading to FII flows currently.

    Nifty has new base at 16,000-16,500 now which may be tested in this weakness.

    The recent commodity prices correction can lower the raw material cost for certain sectors like Consumer and help them to recover after a period of consolidation.

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