Global cues dent equities; Sensex down by over 630 pts (Ld)

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Mumbai, Oct 28 | Negative global cues along with profit booking pulled India’s key equity indices — S&P BSE Sensex and NSE Nifty50 — lower during Thursday’s post-noon trade session.

In the initial trade, the key indices opened on a flat note and started to fall from the opening.

Globally, Asian stocks fell on Thursday amid concerns that the recovery from the pandemic will slow as elevated inflation forces tighter monetary policy.

On the domestic front, volumes on the NSE were lower than recent average while the advance decline ratio was sharply negative.

Among sectors, only the Capital Goods index traded in the green whereas Realty, Power, Oil & Gas, Metals, Banks, Telecom and FMCG fell the most.

At 12.40 p.m., the 30-scrip sensitive index traded at 60,510.16 points, down 633.17 points or 1.04 per cent.

The Sensex opened at 61,081 points from its previous close of 61,143.33 points.

Besides, the NSE Nifty50 traded at 18,014.75 points, lower by 196.20 points or 1.08 per cent.

It opened at 18,187.65 points from its previous close of 18,210.95 points.

“Morgan Stanley has downgraded Indian markets to equal weight. All these could lead to FPI unwinding and continued pressure on indices,” said Deepak Jasani, Head of Retail Research, HDFC Securities.

According to Likhita Chepa Senior Research Analyst at CapitalVia Global Research:

“Indian equity benchmarks made a negative start on Thursday tracking weakness in global peers. Markets quickly extended their losses and are now trading lower, with each market losing more than half a percent in early trade.”

“Traders were wary since the October F&O series contract was set to expire later in the day.”

Source: IANS

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Share Market Closing Bell: Nifty ends below 16,100, Sensex falls 303 pts

Share Market Closing Bell: Nifty ends below 16,100, Sensex falls 303 pts

Dalal Street found no relief with incessant sell off during the month. Nifty traded on a bearish note and ended at 16025.80 with loss of 99.35 points or 0.62 percent following weak global cues on Wednesday. While Banknifty closed at 34339.50 on the higher side with marginal gain of 49.35 points.

bhaskarlive market closing

The weakness in US stocks is playing out globally with signs of higher inflation, which has spoiled investors’ appetite for the Indian market as well. Rising India VIX to 25.28 has led Indices to big intraday swings on both sides. Sectorally maximum sectors closed on the negative side as Nifty IT and Nifty Media sheds more than 3 percent each. While Nifty Financial Services ended on a positive side gaining 0.68 percent.

In nifty stocks, NTPC, HDFCLIFE, SBILIFE were the top gainers while ASIANPAINT, ADANIPORT and TECHM were the prime laggards. Coming to the OI Data, on the call side highest OI witnessed at 16200 followed by 16300 strike price while on the put side, the highest OI was at 15800 strike price. Technically, Nifty has formed three black crow patterns in the daily chart suggesting bearishness would remain intact. We expect a rise in volatility as well on monthly expiry day.

Riding against the trend may not be beneficial for short term traders. All major moving averages are lying above 16300 levels. Indicators such as MACD and RSI are still struggling to overcome the oversold zone in the daily time frame. Overall, Nifty is having support at 15800 mark while on the upside 16300 may act as an immediate resistance for monthly expiry. While Banknifty has support around 33500 while resistance is placed at 35200 on the daily chart.

Om Mehra
Research Associate
Choice Broking

Source: Choice India

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