The Indian equity indices closed on a negative note giving up morning gains. The Nifty 50 fell 17 points or 0.08% to finally settle the day’s trading at 22,200.55. Sensex slipped 118 points or 0.16% to close the day’s trading below 73,000 at 72,987.03. HDFC Bank, Tata Motors, Reliance Industries, Asian Paints, and Sun Pharma Nifty 50 lower, while Asian Paints, Tata Motors, Bajaj Auto, Eicher Motors, and HDFC Bank were the major losers. The volatility index was up 0.35% indicating little volatility in the markets ahead. The continuous selling by FIIs takes on the market sentiments, said an analyst.
Also, the foreign institutional investors sucked out Rs 3,782.55 crore from the Indian equity markets, according to NSDL data.
Sectoral indices mixed bag
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The Nifty Midcap 100 closed 483 points or 0.96% higher to finish the session at 50,707.75. However, Nifty Bank closed in the red, down 172 points or 0.36% at 47,687.45.
On the sectoral front, FMCG and auto stocks pushed the indices lower. In the broader market, smallcap and midcap stocks outperformed the benchmark indices.
“With rate cuts from the US Fed getting delayed further and FII selling worsening the sentiment, investors are getting nervous and taking a cautious stance amid growing uncertainty. Nifty’s immediate hurdles are seen at 22551 mark and then major hurdles placed at its all-time-high at 22795 mark, while immediate downside risk is at its biggest support level at 22000 and then at 21710 mark.”
Nifty’s Technical Side
“We maintain our cautious outlook on the Nifty index, highlighting the resistance in the 22,300-22,400 zone, and suggest continuing with a stock-specific trading approach. In addition to domestic factors, it’s advisable to closely monitor the US markets for cues,” said Ajit Mishra, Senior Vice President of Research at Religare Broking.
Bank Nifty
Bank Nifty followed the overall market trend and experienced rangebound trading on the weekly expiry day. “To sustain the upward momentum, the index must decisively surpass this mark, targeting levels around 48500. On the downside, support is positioned at 47200, presenting favorable buying opportunities on dips toward this level,” said Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities.
Affect on Rupee
“The Indian Rupee traded flat, stuck in a sideways range around 83.50, amidst low market participation. Traders are waiting for the US Consumer Price Index (CPI) data, which may impact the Dollar index and, in turn, influence the Rupee-Dollar exchange rate. The Rupee is expected to continue trading between 83.45-83.60, thanks to the Reserve Bank of India’s (RBI) efforts to maintain stability. Additionally, crude oil prices remaining flat around $78 per barrel is also supporting the Rupee’s stability,” said Jateen Trivedi, Vice President and Research Analyst of Commodity and Currency at LKP Securities.
