Sensex and Nifty ended lower for the second straight session amid rising Covid 19 cases, climbing inflation, fall in January industrial output in India and high bond yields in US. While Sensex tumbled 397 points to 50,395, Nifty closed 101.45 points lower at 14,929 in today's trade.
The benchmark indices managed to erase a majority of losses in the late afternoon session. Intra day, Sensex tanked 993 points to 49,799 and Nifty lost 285 points to 14,745.
On Friday, Sensex fell 487 points to close below 51k levels at 50,792 and Nifty dropped 143.85 points to end at 15,030.
On the other hand, Tech Mahindra, PowerGrid, IndusInd Bank, HCL Tech and NTPC were among the gainers on Sensex, rising up to 2.22%.
On the 30-stock Sensex, 19 stocks ended in the red. BSE midcap and small cap indices lost 148 points and 113 points ,respectively.
Banking stocks led the losses with BSE bankex ending 365 points lower at 39,630 and BSE capital goods index slipping 221 points to 22,024. BSE healthcare index too lost 217 points to 21,068 against previous close of 21,286.
Market cap of BSE-listed firms fell to Rs 206.88 lakh crore.
Market breadth was negative with 1,224 stocks ending higher against 1,831 stocks closing in the red.
Ruchit Jain, Senior Analyst - Technical and Derivatives, Angel Broking said, "Trading in this corrective phase has been difficult as the market has witnessed volatile moves on both the sides of the trade. As of now, there are no signs to the end of this corrective phase and hence, we could continue to see such volatility in the near term. Traders are advised to avoid getting carried away and rather look for stock specific opportunities on both sides. As far as levels are concerned, the immediate support for the Nifty is placed around 14700 while resistance is seen around 15050."
Shrikant Chouhan, Executive Vice President, Equity Technical Research at Kotak Securities said , "The market has once again recovered strongly. The market is not ready to give up easily. The uptrend from 14745/49800 stopped directly at 14950/50500 and the Bank Nifty improved by 800 points from the bottom. If the Nifty goes into an improper correction, there could be severe short covering above 15100/51000 levels and in that case, again the possibilities of hitting 15350/15450 (51650/51850) would turn bright. It would be better if we stay stock-specific until then. If the market goes down again, 14800/14750 (49800/50000) would be the best support. Today the trend was strong in Bank Nifty and metal stocks, which is positive for the market."