During the previous week, both the benchmark indices, Nifty and Sensex witnessed a bloodbath, as they nosedived to touch the low levels of 14,350 and 48,586 last Friday. India VIX also witnessed a highly volatile session, making the lows of 16.68 and highs of 23 during the week.
The equity markets witnessed a steep fall as the investors were concerned about increasing daily cases of COVID-19 with new variants throughout the country. The situation lead to uncertainty regarding lockdown in several parts of the country, after the Maharashtra government announced a complete lockdown in some cities till a stipulated date. A part from that, mixed cues from Asian peers which saw volatility owing to rising bond yields and uncertainty around inflation also weighed the markets. The fall in the value of the Turkish Markets after the firing of the central bank governor, also had an impact on Indian markets and added to the volatility.
As far as sectoral indices are concerned, almost all the indices ended in red during the week, except for Nifty Pharma (+2.1%), Nifty IT (+0.9%) and Nifty Realty (+0.7%). Nifty Media and Nifty Metal lost more than 3% each, Nifty Financial Services, Nifty Private Bank and Nifty Auto fell by more than 2% each, Nifty PSU Bank and Nifty Energy fell by more than 1% each during the week.
There was a fall of 5.1% in March Series, the second highest after a fall of around 6% in the September Series. Technically, Nifty needs to sustain above the levels of 14,490 to indicate bullish trend and we may see it nearing the levels of 15,500 in the near future. However, if the indices breaks the levels of 13,900 and sustains below that, then it confirms a bearish trend.
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