Benchmark indices fell as global uncertainty hit the market. The Nifty index faces pressure, with 22,600 acting as a key support level. Foreign investors sold shares worth Rs 10,148 crore on Wednesday. Analysts said, "A decisive fall below 22,600 for Nifty might trigger a sharper correction" in the coming sessions.
Synopsis
Benchmark indices faced a decline as global uncertainty impacted the market and investor sentiment remained cautious. The Nifty index is under pressure, with 22,600 acting as a significant support level. Foreign portfolio investors recorded a net sale of shares worth Rs 10,148 crore while domestic institutions were net buyers. The rupee settled flat against the US dollar amidst heavy FII outflows.
Benchmark indices witnessed a decline from the day’s highs and closed near the day’s lows as the market remained volatile at the start of the new series. Continued global uncertainty and an intraday spike in Brent crude oil prices kept investor sentiment cautious. Analysts say a decisive fall below 22,600 for Nifty might trigger a sharper correction. On the other hand, if the index sustains above 22,600, it might witness a meaningful recovery.
STATE OF THE MARKETS
Tech View: Going forward, 22,600 is likely to act as a crucial support. A decisive fall below 22,600 might trigger a sharper correction. On the other hand, if the index sustains above 22,600, it might witness a meaningful recovery.
India VIX: India VIX, which is a measure of the fear in the markets, rose 0.5% to settle at 13.49 levels.
US stocks fall
Most of the US stock market fell Wednesday as Wall Street contended with the downside of a US economy that keeps powering through its many challenges.
The S&P 500 slipped 0.3% to close out its third losing month in the last four. The Dow Jones Industrial Average dropped 443 points, or 0.9%, and the Nasdaq composite added 0.2%.
Live Events
Stocks in F&O ban today
1) SAIL
2) Bandhan Bank
Securities in the ban period under the F&O segment include companies in which the security has crossed 95% of the market-wide position limit.
FII/DII action
Foreign portfolio investors net sold shares worth Rs 10,148 crore on Wednesday. DIIs, meanwhile, were net buyers at Rs 11,271 crore.
Rupee
The rupee pared gains to settle flat at 95.94 against the US dollar on Wednesday as an overnight decline in the US dollar index and retreating crude oil prices from their elevated levels were offset by heavy FII outflows.
Disclosure: This article has been written by Podishetti Akash, who is not a SEBI-registered Research Analyst or an Investment Adviser. Podishetti Akash and his ‘relative(s)’ (as defined under Section 2(77) of the Companies Act, 2013) do not hold any financial interest in the companies mentioned in this article as of the date of publication. The views/recommendations mentioned in this article, wherever applicable, are those of the respective SEBI-registered Research Analyst/brokerage and have been reproduced/reported with due attribution. They should not be construed as the views or recommendations of The Economic Times Digital or the journalist. Readers are advised to consider the original research report and make their investment decisions based on their own assessment. Brokerage disclosures here.
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(What's moving Sensex and Nifty Track latest market news, stock tips, Budget 2025, Share Market on Budget 2025 and expert advice, on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .)
Subscribe to ET Prime and read the Economic Times ePaper Online.and Sensex Today.
Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price