19 May , 2022 By : monika singh
Share Market News Today | Sensex, Nifty, Share Prices LIVE: Domestic equity market benchmarks BSE Sensex and Nifty 50 tumbled nearly 2 per cent on Thursday, a day of weekly F&O expiry, following heavy losses on Wall Street overnight. BSE Sensex tumbled 1,154 points, giving up 54000 level to trade at 53,053, while Nifty 50 index plunged over 300 points, giving up 16000. Barring ITC, 29 stocks out 30 scrips were trading deep in red, led by losses in index heavyweights such as Infosys, Reliance Industries Ltd (RIL), HDFC Bank, ICICI Bank, and Housing Development Finance Corporation (HDFC). India VIX, the volatility gauge, surged 8.74 per cent to 24.25 levels.
NYMEX crude shed early losses to trade higher near $108/bbl supported by bigger than expected decline in US crude oil stocks and signs of improvement in China’s virus situation. However, weighing on price is weakness in equity market amid growth and monetary tightening concerns and delay in EU’s decision on a proposed ban on Russian crude exports. Crude oil has stalled after the sharp rally in last few sessions and we may see some more correction if risk sentiment remains weak.
Due to Tuesday’s massive relief rally, put writers have gained tremendous confidence at 16000-16100. Due to today’s surprising gap down, they are at risk and hence, it would be impossible to see whether they cover they positions or not. If they do, we can see further pressure towards 15850-15800. But as of now we are still hopeful and expect some buying at lower levels. More than opening, today’s close would be crucial. For Bank Nifty, supports are placed at 33200-33000 and on the higher side, 33700-34000 are the levels to watch out for.
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