- Covid-19; Insurance claim 25% lower this time versus 2nd wave peak; treatments given more than required in many cases: ICICI Lom
- Bulk Deals: Foce India, Timescan Logistics among companies which see bulk buying on Wednesday - details here!
- Bajaj Auto Q3FY22 Earnings: Net profit falls 22% to Rs 1214 cr; revenues up 1% in line with street expectations
- DGCA extends ban on international flights till February 28 due to surging coronavirus cases; cargo operations exempted
- SEBI launches mobile app 'Saa₹thi' to provide financial product information to investors
Nifty50 falls over 1.4%; 4 factors which are taking markets down on Tuesday
The Sensex today ended at 59,717.04, down by 360.84 or 0.60 per cent. Meanwhile, the Nifty50 ended down by 106 points or 0.6 per cent and was trading at 17,748 around 1:40 pm
The stock markets were trading with weakness on Tuesday amid some profit booking on the intraday basis. The Sensex today ended at 59,717.04, down by 360.84 or 0.60 per cent. Meanwhile, the Nifty50 ended down by 106 points or 0.6 per cent and was trading at 17,748 around 1:40 pm. Out of the 15 sectoral Nifty indices, only three indices were trading in the green while, the Nifty Realty dragged the markets, the most.
See top 4 reasons for market fall
1. Profit Booking – The stock markets have been moving with a lot of strength with Nifty50 and Sensex making new highs on a regular basis. On Tuesday, the markets were down on account of profit booking.
“Domestic sentiments were impacted by negative cues from other Asian markets. Traders were cautious, after the World Bank said that East Asia and Pacific region’s recovery has been undermined by the spread of the Covid-19 delta variant, which is likely slowing economic growth and increasing inequality in the region,” Gaurav Garg, Head of Research, CapitalVia Global Research Ltd said.
See Zee Business Live TV Streaming Below:
"Our research suggests that If the market sustains the level of 59000, we can witness higher levels of 60450-60600. If the index slips by this point, it will extend its losses," he added.
2. Market Volatility – Technical Analyst Nilesh Jain sees this as market volatility as we are towards the end of the September series. Jain said that investors must not worry. At 18.47, India VIX was up 2.3 per cent. Jain is Assistant Vice President (AVP), Equity Research Technical and Derivatives at Centrum Broking.
3. Biggest Laggards – Nifty Realty which has been one of the top performing index was down by over 4 per cent. Nifty IT Index which carries a lot of weigh was down two days in a row. Other top indices like Nifty Bank and Nifty Auto were also down in the intraday trade. Out of 15 indices, only 3 indices were trading in the green while 12 were in the red.
4. Global Market Cues – Indian Markets took cues from their Global peers which were down. Asian shares mainly drifted lower Tuesday as investors continued to fret over China Evergrande Group`s unsolved debt crisis and eyed the potential impact of a widening power shortage in China, Reuters reported. MSCI`s broadest index of Asia-Pacific shares outside Japan was 0.13 per cent lower on Tuesday. SGX Nifty was down 159 points or 0.9 per cent and was trading at 17,697.50. Dow Futures were also trading in the red, down by almost 128 points or 0.4 per cent.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.