Nifty slips below 21K, Sensex tanks 400 points; IIFL tumbles 6%, Ami Organics 5%
Sensex Today: Benchmark equity indices started Friday’s trading sessions with deep cuts following yesterday’s steep losses and weak cues from global peers.
Read More: RBZ Jewellers IPO Closes Today: Should You Subscribe? Check Latest GMP, Subscription Status
The S&P BSE Sensex opened nearly 600 points lower at 69,920, while the NSE Nifty quoted near the 21,000-mark.
As many as 28 out of the 30 Sensex shares opened in red this morning.
Read More: Happy Forgings IPO Closes Today: Should You Subscribe? Check Latest GMP, Subscription Status
Prashanth Tapse, Senior VP (Research), Mehta Equities, said: “In yesterday’s trading, Nifty’s upward momentum stalled due to a lack of sustained buying, substantial profit booking, and excessively overbought technical conditions. Pessimism was fueled by concerns over rising Covid-19 cases, particularly the JN.1 sub-variant in India. Today’s outlook suggests a negative bias, with Nifty’s crucial support at 21000. Technical analysis indicates a capped upside around 21400-21411, and caution is advised below the all-time high at 21593. Options data suggests a likely trading range of 21000-22000. WTI crude hit a two-week high, driven by geopolitical tensions in the Red Sea. Perma-bulls remain optimistic, anticipating US PCE inflation updates on Friday. Recommended trades: Buy Nifty (21150) in the range of 20900-20950, with targets at 21401/21593, and Buy Bank Nifty (47445) in the range of 46500-46750, targeting 47901/48219, with aggressive targets at 49101-49500, setting stops accordingly.”
Read More: Stocks to Watch: Zee Ent, Ultratech, Mazagon Dock, ICICI Bank, DLF, Inox, and Others
Global Cues
Meanwhile, overnight the US markets ended with steep losses as rally driven by Fed’s dovish turn came to a halt. Dow Jones slipped 1.3 per cent, while the S&P 500 and Nasdaq shed 1.5 per cent each.
Closer home in Asia, Japan’s Nikkei had dropped 1.5 per cent. Shanghai and Hang Seng declined 1 per cent, while Kospi and Taiwan were down over 0.5 per cent each.
IPOs This Week
Subscription for Shanti Spintex, RBZ Jewellers, Credo Brands Marketing and Happy Forgings IPOs to close today. Innova Captab IPO opens today, while Azad Engineering IPO closes on Friday.
