Ahead of Budget 2021, market sheds 588 points

Market closes on a negative note with the Sensex down more than 500 points and the Nifty below 13,650.

At close, the Sensex was down 589 points or 1.26 per cent at 46,285.77, while Nifty was down 183 points or 1.32 per cent at 13,634.60.

Nifty’s fall has been backed by very heavy volumes especially in the last trading hour.

On the Nifty 50 index, Indusind Bank (5.42 per cent), Sun Pharma (3.87 per cent), ICICI (1.66 per cent) and HDFC Bank (1.39 per cent) were the top gainers for the day, while Dr. Reddys Labs (-5.52 per cent), Maruti Suzuki (-5.03 per cent), Hero Motocorp (-4.16 per cent) and Tata Steel (-3.64 per cent) were the top losers for the day.

On the sectoral front, Nifty Auto and IT fell almost 3 per cent each, while Metal and Pharma indices fell up to 2 per cent. The Nifty PSU Bank index rose nearly 2 per cent.

Author’s View: Nifty broke its support at 13,650. We can expect further downside till 13,400 and 13,200 level. 14,000 level will act as strong resistance for the index and till this level is decisively broken the trend will remain bearish.

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