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Benchmark indices open lower on Tuesday. Nifty 50 declined by 108.30 or 0.49 per cent to trade at 21,947.40 as of 9.49 am, and BSE Sensex declined 333.07 or 0.46 per cent to trade at 72,415.35.
All sectoral indices traded in negative territory. Nifty IT fell 1.75 per cent to trade at 36,241.15, and Nifty oil & gas declined by 1.51 per cent to trade at 10,935.10. FMCG, Media, Pharma, and healthcare indices also declined over 1 per cent as of 10.10 am.
Commenting on the Nnfty outlook, Anand James, Chief Market Strategist, Geojit Financial Services, said, “We had gone in yesterday betting on a swing higher, but the recovery attempt stalled near our first challenge point of 22140. We feel that directional moves are not yet ready to set off, and until then, expect distribution followed by a turn lower, if 22140-223 region holds, with our upside marker placed at 22400. On the downside, we have our downside marker at 21850, but expect positivity to linger on as long as dips do not stretch much beyond 21990. In other words, buy into weakness and sell into strength.”
Vaishali Parekh, Vice President of Technical Research at Prabhudas Lilladher said, “The support for the day is seen at 21900 level while the resistance would be seen at 22000.”
Stocks that were top gainers on the NSE as of 9.58 am were Tata Steel (higher by 1.14 per cent), Bajaj Auto (1.03%), Bharti Airtel (0.99%), Hindalco (0.85%), and Adani Enterprises (0.46%). Meanwhile, major losers were Tata Consultancy Services (-2.56%), BPCL (-2.23%), Nestle India (-1.94%), Cipla (-1.93%), Dr Reddy’s (-1.53%).
Balkrishna Industries stock traded at ₹2,269.10. The company has informed stock exchanges that the Income Tax Department officials have concluded their search operation on March 16, 2024.
HG Infra Engineering stock traded at ₹915.20, higher by 2.40 per cent on the NSE as of 10.06 am, following the receipt of order from Jodhpur Vidyut Vitran Nigam Limited.
IOL Chemicals and Pharmaceuticals stock jumped 12.22 per cent to trade at ₹406.25. The company had informed about the completion of Brazilian Health Regulatory Agency (ANVISA) GMP audit of all the 10 APIs manufacturing units situated at Barnala, Punjab, without any observation.
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