Stock market today continued to fall for the fourth straight trading session with the BSE Sensex declining around 2500 points whereas NSE Nifty has dipped near 700 points during the period. According to market experts, weak rupee and FIIs fishing out money from the Indian markets have worked as major triggers for trend reversal and now corporate performance not coming as expected by Dalal Street has further cemented the bears grip on the markets.
“Foreign Institutional Investors (FIIs) fishing out money and weaker Rupee have worked as major triggers. Corporate performance announced by the companies of big repute like CEAT, Asian Paints, etc. have also come below expectation. There is strong speculation that there will be populist budget coming on 1st February 2022 as the central government may try to win hearts of 5 states going to polls immediately after the budget presentation,” said Avinash Gorakshkar, Head of Research at Profitmart Securities.
“Nifty is currently trading in a broader range of 17,300 to 18,000 where 17,500 is working as immediate support while 17,800 can be considered as immediate resistance. Similarly, BSE Sensex is trading in 58,100 to 60,000 range where 58,500 is immediate support and 59,500 is immediate resistance.” advised Sumeet Bagadia, Executive Director at Choice Broking.
Sensex dips 1.08%, Nifty below 18k on global market
