If Nifty goes below 8,480, it will head towards 8400
We had mentioned in Monday’s closing report that NSE’s CNX Nifty may turn weak if it closes below 8,540. Up to 2.20pm Tuesday, the 50-stock index moved close to Monday’s closing. However, after this, it lost its strength, slid lower to hit a four-day (including today) low, and closed near to this level.
India VIX rose 0.92% to close at 15.0975. NSE recorded a volume of 88.07 crore shares.
Lower-than-expected first-quarter results and the logjam on the first day of Parliament's monsoon session dampened the sentiments in the Indian equity markets. The wider 50-scrip Nifty closed down 74 points or 0.86% at 8,529.45 points.
The 30-stock Sensex, which opened at 28,381.82 points, closed at 28,182.14 points, down 237.98 points or 0.84% from the previous day's close at 28,420.12 points.
Major results like Infosys, HDFC Bank, Sun Pharma and Hindustan Unilever released on Tuesday had the biggest impact on stock- or sector-specific indices.
Investors were also anxious about the ability of the government to pass key bills like Goods and Services Tax (GST) and land bill during the monsoon session.
Major Sensex gainers during Tuesday's trade were: Infosys, up 11.05% at Rs.1,112.65; Bharti Airtel, up 3.68% at Rs.445.25; Wipro, up 1.69% at Rs.577; Hero MotoCorp, up 1.10% at Rs.2,690; and Bajaj Auto, up 0.99% at Rs.2,544.60.
The major Sensex losers were: Sun Pharma, down 14.95% at Rs.805.30; Vedanta, down 4.74% at Rs.136.60, Lupin, down 4.68% at Rs.1,886.05, ONGC, down 3.56% at Rs.281.35; and Tata Steel, down 3.29% at Rs.274.65.
The top gainers and losers of major indices are given in the table below:
The S&P BSE healthcare index plunged by 1,061.48 points, bank index lost by 361.90 points, capital goods index receded by 224.85 points, oil and gas index was lower by 176.25 points and the FMCG index fell by 133.04 points.
Bucking the trend, however, were the information technology (IT) and technology, entertainment and media (TECK) sectors, which made healthy gains. The S&P BSE IT index rocketed up by 489.20 points and TECK index soared by 232.72 points.
Among the Asian markets, Japan's Nikkei was up by 0.93%, China's Shanghai Composite Index rose by 0.66%, and Hong Kong's Hang Seng gained by 0.52%.
The closing values of Asian indices were:
All the European indices were marginally in the red.