After a sharp fall of over 1,406 points on Monday, stock markets opened on positive note on Tuesday. The BSE Sensex gained 188 points in early trade at 45,742.08. The NSE’s NIfty edged up to 13,424 after opening at 13,373.65.
However, within few minutes they turned negative. At 940 a.m, the Sensex is ruling at 45,215.82, down 338.14 points while the Nifty tumbled 96.10 points at 13,232.30.
The stock markets recovered in opening session as the US markets ended on a mixed note last evening with the Nasdaq down by 0.10 per cent while the Dow Jones up by 0.12 per cent. But the recovery could not sustain, as investors are still nervous about the Covid 19 vaccine.
“Traders are continuously advised to stay light and avoid taking contradictory bets in the coming session,” said Sameet Chavan of Angel Broking. With a larger view, this correction should be interpreted as a healthy sign and it will certainly provide better opportunities to enter marquee names on correction, he said.
As many as eight stocks gained on Nifty50 Divi’s Lab, HDFC, HCL Tech, PowerGrid and TCS gained between 0.3 per cent and 0.6 per cent. However, led by Bajaj Finance, which fell 2.85 per cent, stocks such as ONGC, Tata Motors, IOC and IndusInd Bank tumbled in excess of 2 per cent.
BSE MidCap and SmallCap indices too tumbled 2.1 per cent and 2.63 per cent respectively.
Except BSE IT, all the sectoral indices trade in the red. Volatility Index still remains at elevated levels of 23.40, up one per cent, as investors still wary of Covid vaccine.
Stocks in focus
Shares of M&M slipped 1.61 per cent as its South Korean arm SsangYong Motor filed for bankruptcy.
NIIT jumped 2.7 per cent at 178.25 on the NSE, as its board meets on December 24 to consider buyback.
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