The market opened in the red on 21st January. The previous day witnessed the Sensex going down by 416.46 points to end at 41,528.91 and the Nifty was down by 127.80 points to close at 12,224.55. 

Alembic Pharmaceuticals’ API facility located at Karkhadi was inspected by US Food and Drug Administration (USFDA) from January 13-17, 2020.

The zone of 12,200-12,216 would be a good support for the index and failure to hold this support, could open doors for further correction towards gap area of January 9 (12,132-12,045). Stocks in news: NBCC, Bharti Airtel, Info Edge, Balrampur Chini Mills.

In the last session, Indian benchmark indices tumbled from record highs to close with deep cuts. However, with yesterday’s landslide, the market participants will be anxious to know what’s in store for the markets today! The International Monetary Fund (IMF) lowered India’s economic growth forecast to 4.8 per cent for this fiscal year, citing the crisis in the non-banking financial sector and weak rural demand.

The following stocks will be in focus during Tuesday’s trading session in the light of their result announcements: Zee Entertainment Enterprises, Havells India, HDFC AMC, Polycab and Granules India.

Cipla announced that it has received Establishment Inspection Report (EIR) which indicates the closure of the inspection by United States Food and Drug Administration (USFDA) at its Patalganga (Maharashtra) manufacturing facility.

The shares of Prestige Estate Projects Limited moved up by almost 10 per cent on Monday, after the company’s wholly-owned subsidiary, Prestige Falcon Realty Ventures Private Limited (PFRVPL), acquired 50 per cent stake in Lokhandwala DB Realty LLP.

Considering the daily time frame, the banking benchmark index, Bank Nifty is trading in head and shoulders pattern since the last 44 trading sessions. The head and shoulders pattern formation occurs when a market is in a bullish trend.

The stock of Avenue Supermarts Limited forms a bearish engulfing candlestick pattern of the daily time frame.

BSE Sensex ended at 41,528.91, down by 416.46 points or 0.99 per cent after trading in a range of 41,503.37 and 42,273.87. There were 9 stocks advancing, against 21 stocks declining on the index.