Profit booking, along with disappointing macro-economic data subdued the Indian equity indices during the afternoon trade session on Tuesday.
The market opened on a flat note following lacklustre global cues and fell sharply thereafter.
However, it rebounded piercingly from lower levels and trimmed off most of its intraday losses.
Globally, shares in Asia retreated after a mixed trade session on the Wall Street.
Back home, disappointing macro economic inflation data and a bout of profit bookings led to a sharp decline.
Among sectors, PSU Bank, FMCG and Realty indices were major losers.
Consequently, the S&P BSE Sensex traded at 1.30 p.m. at 46,103.25 points, lower by 150.21 points, or 0.32 per cent, from the previous close.
The NSE Nifty50 was traded at 13,519.20 points, lower by 38.95 points, or 0.29 per cent, from the previous close.
“At current juncture, crucial support for Nifty is placed at 13400 – 13350 zone; while resistance can be seen around 13700 – 13750 zone,” said Jay Purohit, Technical & Derivatives Analyst, MOFSL.
“Considering current chart structure and derivatives data, we are expecting continuation in ongoing up move of Nifty towards 13700 levels in coming week. Thus, traders are advised to remain positive and use intraday dips as buying opportunity. On stocks front, one can look for buying opportunity in stocks like Bajaj Finance, HCL Tech, Adani Ports and Gujarat Gas.”
According to Gaurav Garg, Head of Research, CapitalVia Global Research:
“Most sectoral indices are trading in red with Realty, FMCG, and PSU banks being hit the worst shedding nearly 1 per cent each.”
“Eicher Motor, Ultratech Cement, Adani Ports, Bajaj Finserv, BajFinance were the top gainers while ICICI Bank, Tata Motors, Hindustan Unilever, Nestle India, Axis Bank being the top loser on Nifty.”