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From a technical point of view, the Nifty recorded a breakdown on the daily charts, whichsuggests that pressure could remain in the near term.”With the stimulus package announced by the government, not seen as adequate considering the need of the hour and with infections continuing unabated, the markets ended down by around 3.4% in spite positive global cues,” Vinod Nair, Head of Research at Geojit Financial Services https://www.sunshinejerseys.top told Moneycontrol.”Most measures may be seen as a long term positive and markets were more worried about the immediate impact of these measures. With concerns about rising NPAs, financials were most affected. Uncertainty is likely to continue impacting market performance.”Let’s look at the final tally on D Street: the Sensex plunged 1,068 points to 30,028 while the Nifty50 fell 313 points to close at 8,823.Sectorally, selling pressure was visible in banks, finance, auto, realty, public sector, and capital goods stocks while some buying was seen in IT stocks.On the broader markets front, the S BSE Midcap index was down 3.8 percent while the S BSE Smallcap index plunged 2.9 percent.”Indian indices ended lower (contrary to the trend in Asian and European markets) for the third consecutive day on May 18 as details of Rs 20 lakh crore stimulus package announced by the Finance Minister over Wed Sun disappointed listed corporates and market participants.
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