Today, the investors in the Indian stock markets were in for a rude shock as the markets abruptly turned south and remained red all day long.
Any expectations of recovery during the day were dashed as the indices continued their fall and both the benchmark indices closed in the red.
Profit booking by investors is claimed by experts as the reason for the fall. It is noteworthy that Joe Biden’s $1.9 trillion rescue package failed to restore faith in the American stock market and similarly the Indian stock market too gave disappointing performance.
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Index-wise, all the indices were in red with the IT and financials spearheading the decline.
The top losers included TECHM, GAIL, HCLTECH, WIPRO, and ONGC, and the top gainers included TATAMOTORS, BJARTIARTL, UPL, ITC, and GRASIM.
Experts see resistance at 14,600 and support at 14,350 for NIFTY. Technical analysis indicates a small correction in the markets based on indicators like RSI, MACD, etc.