Stock intake: Carnage fell 1,114 points in the Dalal Street Sensex

Stock intake: Carnage fell 1,114 points in the Dalal Street Sensex; There are 10,800 in the Nifty

It was the September 24 massacre on D-Street. The S&P BSE Sensex fell over 1,000 points and the Nifty fell over 300 points, ending the market with the biggest loss in seven months on the red sixth day in a row.

The S&P BSE Sensex was down 1,114 points at 36,553, while the Nifty 50 was down 326 points at 10,805, well below the key support level of 11,000-10,900.

Investors lost Rs 4 lakh crore as the average market capitalization of BSE-led companies fell to Rs.148.79 lakh crore on September 24 from Rs.152.71 lakh crore on September 23.

The Nifty is trading at the level last seen in July.

Sales and rising coronavirus infections in global markets trigger the possibility of lockdowns, which can delay economic recovery.

“Indian benchmark indices have a gap at the beginning and continue to lose ground as the day wears off. Eventually falling to 2.8 percent a day. Markets have seen weak global forecasts as the uncertainty seen over the past few days has led to negativity, even broader markets said:- Geojit Financial Services Research Head Vinod.

“Uncertainty over the economic recovery, the rise in virus infections, and the fact that today is the expiration date of derivatives has contributed to the negativity. The volatility is high and traders are advised to be cautious,” he said.

Sectors, IT, auto, metals, banks, and government sectors saw selling pressure.

Broader markets ended in a better shade. The S&P BSE Mid-Cap index fell 2.1 percent, while the S&P BSE Small-Cap index fell 2.2 percent, slightly exceeding the benchmark index.

Top Nifty gainers include Bharti Infratel and HUL.

Top Nifty losers include Tata Motors, Bajaj Finance, and IndusInd Bank.

Stocks & Sectors of Sensex

• Among sectors, the S&P BSE IT Index declined 4.4 percent, the BSE Auto Index 3.5 percent, and the S&P BSE Metal Index 3.5 percent.
• Stocks like SBI Life, Indiabulls Housing Finance, and Vedanta saw a volume spike of over 100 percent.
• The long buildup was seen in stocks like Idea, Vedanta, Chola Finance.
• The short buildup was seen in stocks like SBI Life, Motherson Sumi, and Lupine.
• Nearly 100 stocks hit a 52-week high on the BSE. These include Apollo Hospitals, Root Mobile, and Majesco.

Technical View

• The Nifty has formed a long black day pattern on the daily chart. It closed above 10,800.
• The bears were in control during the last trading session ending September. As each small bounce was selling to pull over 300 points.
• The index has been making low-lows on a daily scale over the last six trading sessions and is below 50-DEMA with a negative crossover on a weekly scale.

“Now as long as it is less than 11,000 zones. Any small bounce can sell for further weakness towards 10,650-10,600 zones. But the upside, the medium-term barrier is shifting down to 11,111-11,250 zones. ” said Chandan Taparia, vice-president | Analyst-derivatives at Motilal Oswal Financial Services Limited.