Today, the investors in the Indian stock markets were in fora rude shock as the markets abruptly turned south and remained red all day long.
Any expectations of recovery during the day were dashed asthe indices continued their fall and both the benchmark indices closed in thered.
Profit booking by investors is claimed by experts as thereason 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 stockmarket too gave disappointing performance.
Index-wise, all the indices were in red with the IT andfinancials spearheading the decline.
The top losers included TECHM, GAIL, HCLTECH, WIPRO, andONGC, and the top gainers included TATAMOTORS, BJARTIARTL, UPL, ITC, andGRASIM.
Experts see resistance at 14,600 and support at 14,350 forNIFTY. Technical analysis indicates a small correction in the markets based on indicatorslike RSI, MACD, etc.