Sensex Ends 143 Points Lower; Realty And Oil & Gas Stocks Witness Selling

India share markets recovered some losses during closing hours today and ended their day marginally lower.

At the closing bell, the BSE Sensex stood lower by 143 points (down 0.4%) and the NSE Nifty stood down by 45 points (down 0.4%).

The BSE Mid Cap index ended the day down 0.7%, while the BSE Small Cap index stood down by 0.8%.

Stocks in the realty sector and oil & gas sector witnessed huge selling pressure, while healthcare stocks were trading in the green.

Note that Indian (INDA) stock market fell for the fifth consecutive day in a row today tracking weak global cues.

The Sensex plunged as much as 400 points while the Nifty dropped more than 100 points to trade below 11,600 levels.

-Market participants are worried whether the broader markets will fall further, or will there be a meaningful recovery?

When I asked Apurva Sheth, lead chartist and technical analyst at Equitymaster for his view, he told me that there are bright chances for Nifty to bounce back from here.

He explained further by saying:

  • "Nifty bounced back after touching the day's low of 10,536. This level is very close to the 50% retracement level of 11,550.

    The 50% retracement is drawn from the low of 10,670 in September 2019 to the high of 12,430 in January 2020. The 50% retracement levels have acted as support for index and stocks on several occasions in the past. So, I expect a healthy upswing in the Nifty very soon."

So, make sure you stay on the look out for any opportunities to snag up some quick profits.

Disclosure: Equitymaster Agora Research Private Limited (Research Analyst) bearing Registration No. INH000000537 (hereinafter referred as 'Equitymaster') is an independent equity research ...

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