Bear dominates bull again, Nifty and Sensex slides 4%

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Sensex soared over 900 points in opening trade tracking heavy buying at ICICI Bank, Infosys, HDFC twins and Reliance Industries amid rally in global stocks.
NIFTY, Sensex

Bear made their presence again in a volatile week where both indices are experiencing see-saw movements in either direction.Nifty and Sensex lost around 4% in today’s session. IT and banking stocks drag the indices down.Nifty forms strong bearish candle today and is likely to trend with negative bias to test 7500 again if it breaks 8200 tomorrow.

Nifty and Sensex started the day in red following global clues. Corona virus infected cases are rising across the world and have crossed 8.5 lakh.Nifty found support around 8200 today and recovered somewhat to close the day at 8,263.60 ,334.15 points down (-3.89%). While Sensex closed the day at 28,265.31 , with a loss of 1203.18  points (-4.08%). All sectoral indices closed in the red; IT, banking and FMCG are the worst hit.

Corona virus infected cases are rising across the world and have crossed 8.5 lakh.
Corona Virus infected cases in the world , Source : Worldometers

BankNifty lost 941.50 points to close at 18202.50. Kotak Bank,Axis bank, PNB and SBI bank were the worst hit; losing 5-8% of market price. BankNifty though recovered 150 points from it’s today’s low.

IT index corrected by 699 points or 5.48%.Tech Mahindra and Mindtree lost more than 9%.Industry leaders TCS, Infosys, Wipro and HCL technology lost around 4-6%.

HeroMotocorp, Bajaj Auto, Bajaj finance and Titan supported the index.These were only stocks from Index Nifty which closed higher in today’s trade.

Buzzing stocks of the day: Himadri  speciality chemical ltd saw 19.97% gain in price to close at 35.45.

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