The BSE Sensex declined 759.29 points or 1.53 percent to close at 48,832.03 and the Nifty50 dropped 217 points or 1.46 percent to 14,617.85.
In the coming truncated week, the market is largely expected to be volatile as it keeps an eye on the the second wave of COVID-19 cases and global cues.
“In the coming week, we expect volatility to remain high as the market is expected to continue its focus on updates of state-wise restrictions and the spread of the virus.
We will be in the second week of March quarter earnings season.
India reported more than 2.34 lakh new cases on April 17 for the previous 24 hours, with Maharashtra being the most-affected among states.
On the other hand, more than 12 crore doses of COVID-19 vaccines have been administered in the country so far.
Several state governments have announced additional restrictions, which experts feel could impact economic growth.
Foreign investors have turned net sellers in the month of April as they seem to be cautious due to India’s COVID-19 situation and its likely short term impact on the economy.
The INR further weakened to close at 75.54 against the USD, declining 1.1 percent on week-on-week basis.
Cumulatively, these determinantsare worrying participants dealing in the USD/INR pair,” said Nirali Shah of Samco Securities, who advised currency traders to remain vigilant until the existing headwinds subside.
Macrotech Developers, earlier known as Lodha Developers, will list its equity shares on the bourses on April 19.
“The level of 14,250 has now become a make or break level for the index.
“We suggest traders maintain a cautiously bullish bias on the index and initiate long positions around the support by maintaining a strict stop loss just below the support.
The weekly options data indicated that the Nifty50 could see a trading range of 14,300-15,000 levels in coming sessions.
Call writing was seen at 14,800, 15,300 and 15,000 strikes with Call unwinding at 14,400, 14,300 and 14,500 strikes.
“On the data front, the Nifty has major Call base placed at 14,700 strike with highest Call base placed at 15.000 strike for the weekly settlement.
The volatility cooled down 3 percent to settle around 20 levels after hitting 23 levels in the beginning of week.