Markets Fall On Weak Cues, Banking Lead Declines

Benchmark indices fell in trade as global cues were weak, on reports of record Covid-19 cases once again surging, which caused investors to sell. Also, delay in vaccination drive on account of shortage of vaccines, was another reason that led to a fall in the markets. Global cues were not too encouraging with stocks in Asia falling, as bond yields in the US rose.

The Nifty was trading with losses of 115points, while the Sensex fell 350 points in trade. Shares in Reliance Industries was down nearly 0.50 per cent ahead of quarterly numbers to be declared later today. Analysts are expecting around an 8 per cent rise in consolidated earnings before interest, tax, depreciation, and amortisation for the company.

IndusInd Bank too saw its shares fall ahead of quarterly numbers to be declared later today. Among the topn gainers from the Nifty were Wipro, HUL and Dr Reddy's Labs. "Technically, Nifty has been forming higher highs - higher lows from the last five trading sessions but formed a Bearish candle on daily scale. Now, it has to continue to hold above 14800 zones to witness an up move towards 15000 and 15150 zones while on the downside support exists at 14700 and 14600 zones," says Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd.