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Nifty sees lowest intra-day volatility on Budget Day in 6 years
Nifty saw the lowest intra-day volatility on a Budget Day in at least six years on Thursday as the expectation buildup ahead was limited, said Deepak Jasani, Head of Retail Research at HDFC Securities.
Mumbai: Nifty saw the lowest intra-day volatility on a Budget Day in at least six years on Thursday as the expectation buildup ahead was limited, said Deepak Jasani, Head of Retail Research at HDFC Securities.
The Nifty 50 fell 67 points on Thursday to hit an intra-day low of 21,658.75 before ending 28 points, or 0.13 per cent, lower at 21,697.45.
Cash market volumes on the NSE were high at Rs 1.35 lakh crore. Broad market indices fell a little more than the Nifty, even as the advance decline ratio fell to 0.77:1. The Sensex fell 177 points to hit an intra-day low of 71,574.89, before ending 107 points, or 0.15 per cent, down at 71,645.30.
The 21,832-21,851 band remains a tough resistance on the upside, while 21,429 could provide support.
Markets could soon breakout on either side after remaining in a range over the last few weeks, Jasani said.
Asian shares were mixed on Thursday after Wall Street fell to its worst loss since September as the US Federal Reserve indicated that cuts to interest rates are not imminent. European stocks were slightly lower ahead of euro zone inflation data for January and the Bank of England’s latest monetary policy decision on Thursday, he said.
Indian bonds rallied, with the benchmark 10-year yield falling by the most in more than a year, after the government announced a lower-than-expected borrowing programme.
