Dalal Street Corner: Benchmark indices erase all gains in quick sell-off during closing hours; what should investors do on Thursday?

Domestic equity markets erased all the gains in the last half-an-hour despite trading firm in most parts of the session amid weak global cues in a volatile trade on Wednesday. The sell-off was triggered by falling western market even as tension between Russia-Ukraine eased on Tuesday.  

The broader Nifty which once was seen attempting 17,500 as the 50-share index touched day's high of 17,490.60 ended giving up 17,400 as the index closed with 0.17% loss or lower by 30.25 to 17,322.20. The Sensex, which traded at 58,569.22 in the late afternoon, closed 145 points or 0.25% lower to 57,996.68.  

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Meanwhile, the 12-share Bank Nifty too gave up 38,000 as the banking index declined by more than 200 points small cap index settled with 0.73% gain and mid cap slipped 0.29% lower.  

Among the sectors, Nifty PSU Bank, metal and media were top drags, while reality, consumer durables and pharma were notable gainers.    

Here is what market experts make of today's session.  

Vijay Dhanotiya, Lead of Technical Research at CapitalVia Global Research Limited 

The market witnessed a volatile session in a range of 17300-17500. Market research suggests, trading above the support zone of 17200 is positive from a short-term perspective. If the market sustains above the support levels, we expect a recovery in the market till the level of 17800. Technical indicators suggest a volatile movement in the market in the range of 17200-17800. As such we retain our cautious stance and advise the traders to refrain from building a fresh buying position, until we see further decisive movement in the market. 

Vinod Nair, Head of Research at Geojit Financial Services.  

Indian equities staged a rebound to recoup most of its losses in the mid-noon session on the back of de-escalating tensions along the Russia-Ukraine border. However, falling western markets prompted a quick sell-off during closing hours. In yet another blow to global inflationary pressure, UK’s inflation jumped to 5.5% in January recording a 30 year high, putting pressure on the Bank of England for a further rate hike sooner than earlier anticipated" 

(Disclaimer: The views/suggestions/advices expressed here in this article is solely by investment experts. Zee Business suggests its readers to consult with their investment advisers before making any financial decision.)