Global cues subdue equities and IT stocks fall

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India’s benchmark equity indices traded in the red during the mid-afternoon session on Tuesday on the back of weak global cues.

However, the two indices had a gap down opening on account of weak global cues.

Accordingly, domestic sentiment were marred by negative signals from other Asian markets.

Besides, investors were concerned after Fitch Ratings stated that there are increasing indications that India’s latest wave of Covid-19 infections would increase risks among financial institutions (FIs) by weakening near-term momentum in the economic recovery.

Sector wise, Media, Auto, Realty and PSU Banks stocks traded in the green, whereas, Financial Services, IT, Pharma, Metal and FMCG stocks saw some weakness.

At around 2.10 p.m., the S&P BSE Sensex traded at 49,104.18, lower by 398.23 points, or 0.80 per cent, from its previous close.

Similarly, the Nifty50 of the National Stock Exchange traded at 14,836.90, down 105.45 points, or 0.71 per cent, from its previous close.

“At current juncture, support for Nifty is intact at 14700 and then 14600 zone; while on the upside hurdle is seen at 14950, then 15050 zones,” said Jay Purohit, Technical and Derivatives Analyst, MOFSL.

According to Gaurav Garg, Head of Research at CapitalVia Global Research: “If the market breaches the level of 14900 we can expect the market till the level of 15050.”

“On the sectoral front, there is no clear direction in the market. IT and Metal are the top losing sectors. Coal India and IOC are the top gainers while HDFC and Hindalco are the top losers on Nifty.”

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