Sensex falls for third day in a row, ONGC slumps 5%1 min read . Updated: 22 Jan 2020, 03:52 PM IST
- Kotak Mahindra Bank, HDFC, Asian Paints, IndusInd Bank, Axis Bank and ICICI Bank were among other top losers
Indian markets today ended lower today, dragging down by banking stocks. The Sensex fell 208 points to 41,115, extending losses to the third day. The broader Nifty settled 0.5% lower at 12,106. Among the Sensex stocks, ONGC slumped 5% while NTPC fell 4%. other top losers included Kotak Mahindra Bank, HDFC, Asian Paints, IndusInd Bank, Axis Bank and ICICI Bank.
The broader markets were also under some pressure today. The BSE midcap and smallcap indices fell 0.3% and 0.1% respectively.
Sahaj Agrawal, head of research for derivatives at Kotak Securities, said volatility is expected to remain high on account of the upcoming Budget 2020. Finance Minister Nirmala Sitharaman is due to present the Budget on February 1, amid expectations that she could announce measures to revive economic growth, which has slipped to a more than six-year low.
“Nifty continues to consolidate in the range of 11800-12500. Since the index was trading near the upper band of the range, selling pressure has pushed the index towards 12100 level. We strongly believe the index is in a structural uptrend and the current correction is a buying opportunity," he added.
Manav Chopra, head of research at Indiabulls Ventures, said: "Nifty continued phase of correction as bears hold grip in the near term. 12,100 zone is important zone and a decisive breach below the support zone would further put pressure on Nifty downwards and in that scenario test of 11,800 zone on the downside cannot be ruled out."
Elsewhere, global markets were mostly higher today. Global equities have been jittery amid a virus outbreak in China. Fears of a bigger outbreak rose after a prominent expert from China's National Health Commission confirmed Monday that the virus can be passed between people.
(With Agency Inputs)