Sensex falls 500 points; banking, metal stocks in red

Tuesday morning, the main Indian equity indices fell, weighed down by strong selling pressure on banking, insurance, and metals stocks.

The BSE Sensex fell as much as 514 points to 48,988.18 points on an intraday basis.

It was trading at 49,114.01 at about 10.40 a.m., down 388.4 points or 0.78 percent from its previous close of 49,502.41.

It began trading at 49,066.45 points and has now reached an intraday peak of 49,171.26 points.

The Nifty50 index was trading at 14,839.05 on the National Stock Exchange, down 103.30 points or 0.69 percent from its previous close.

According to Manish Hathiramani, a technical analyst at Deen Dayal Investments, “Although the market opened lower, it is still holding the 14,700 support band. We may navigate this collapse by wisely purchasing the index. The risk-reward ratio is advantageous. If we go upward from here, the goal should be 15,200 and the stop loss should be below 14,700.”

The Sensex’s top gainers were UltraTech Cement, Sun Pharmaceutical Industries, and NTPC, while the Sensex’s top losers were HDFC, Kotak Mahindra Bank, and Tech Mahindra.

What do you think?

Written by Ankur J Kakoti


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