Market kicks off new financial year in red
At close, Sensex was down 1,390.41 points or 1.80% at 76,024.51, and the Nifty was down 353.65 points or 1.50% at 23,165.70.
Domestic markets continued their negative trade as they plunged nearly 1 per cent on Thursday, ahead of expiry of the monthly derivative contract later in the day.
The S&P BSE Sensex plunged nearly 467.63 or 0.99 per cent to hit 46,942.30 levels. The index fell to hit intraday low at 46,821.2 levels.
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Similarly, the broader Nifty50 slipped to 13,839.00, down by 128.50 points or 0.92 per cent.
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The losers on the Sensex pack were led by the HDFC Bank, slipping 3.43 per cent, followed by Kotak Mahindra, Tech Mahindra, HUL, and Power Grid plunging by over 3 per cent to 2.57 per cent.
Of the 30 components on the Sensex, only 8 were trading in green. These included Axis Bank trading as the top gainer, up by 3.32 per cent, followed by ONGC, Maruti Suzuki, Reliance, Bajaj Auto, SBI, M&M, and Titan company.
In the broader markets, the S&P BSE MidCap and SmallCap also traded lower by 0.14 and 0.50 per cent respectively.
Reports suggest that nearly 130 companies are set to announced their third quarter earnings later in the day. These include Maruti Suzuki India, InterGlobe Aviation, IRCTC, TVS Motor Company among others.
Earlier in the day, Manish Hathiramani, technical analyst with Deen Dayal Investments had said that 14,200-14,250 was key support and the fall thereafter has happened on the back of very high volumes.
He further added, “we could slide further to test 13,600. If we are unable to hold that level, we could fall more towards 13,100-13,200. As of right now, any up move can be utilised to short the Nifty. The resistance on the upside is at 14,400-14,500.”
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