The rally in the stock market came to an abrupt end with strong resistance found around the level of 9,000 on Nifty. After the wild swings on either side, Sensex lost 150 points to slip below 30,000, while Nifty closed 0.43% down at 8,754.40. Vedanta (up 5.32%), Sun Pharma (up 4.64%), NTPC (up 4.48%) were the major gainers of the day while TCS (down 3.93%), Titan (down 3.59%) and Shree Cements (down 3.43%) led the market on the downside.
Though the short-term bottom around 7,500 seems secured for now, there remains little to cheer about for investors going ahead as Coronavirus has remained largely unconstrained.
The rise in the number of cases has not been as steep as some of the highly impacted countries such as the US and Italy, but India has not exactly been successful as South Korea or China in flattening the curve.
The investors here also need to be prepared for extended lockdown post-April 14. Even the gradual lift will merely be a relief for daily wage earners and small scale industries. It is not going to be sufficient to revive the engines of the economy.
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