A morning walk down Dalal Street | Market likely to remain volatile in short-term over increasing global economic concerns

A weak day of trade for D-Street as benchmark indices slipped below their crucial support levels in the last 1 hour of trading session weighed down by muted results from ITC for December quarter, global growth and trade war concerns.

Let’s look at the final tally – the S&P BSE Sensex plunged 336 points while the Nifty50 closed below 10900 levels at 10,831. The index took support near 200-DMA placed around 10830. 

FMCG sector remained the worst performer today with ITC losing more than 4% in trade after the company reported a decline in margins in Q3 FY19 numbers.

Nifty is consolidating in a narrow range since the past week. The immediate range for the market is seen at 10775-11000. A breakout above 11000 is expected to infuse further positivity.