Markets so far today by Deepak Jasani - Head Retail Research, HDFC Securities

Markets corrected further on Friday for the sixth consecutive session. Selling pressure was seen through the day with no major recovery seen from the lows. It was the first trading session of the near month March 2020 derivative series. Sentiments remained negative as the coronavirus has now spread to many countries across the world and there is fear that new outbreaks will push down global demand. The Nifty lost 431.55 points or 3.71% to close at 11,201.75.

Broad market indices like the BSE Mid Cap and Small Cap indices lost less, thereby outperforming the Sensex / Nifty. Market breadth was negative on the BSE / NSE.

Sectorally, there were no gainers. The top losers were the BSE Metal, IT, Auto and Realty indices.

Asian and European equities faced a fresh bout of selling on the final trading day of the week on mounting concerns the coronavirus outbreak will stunt the world economy and deal a heavy blow to corporate profits.

Cash market turnover on NSE shot up significantly as the sharp market fall led to heightened trading activity.

Technically, with the Nifty moving down further and in a free fall, traders will need to watch if the Nifty can now hold above the next major supports at 11090; else the current downtrend is likely to continue. Any pullback rallies could find resistances at 11382-11536.

Source : Equity Bulls

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