Closing Bell Today: Indian equity indices ended on a lower note on Thursday as they navigated through heightened volatility after RBI kept the repo rate unchanged at 6.5% for the straight ninth policy. The NSE Nifty 50 fell 180.50 points or 0.74% to settle the day’s trading at 24,117. The BSE Sensex settled 581.79 points or 0.73% lower at 78,886, unable to hold the key 79,000 level. Infosys dragged the markets lower along with Reliance Industries, L&T, ICICI Bank, and Asian Paints. The overall market sentiment was negative as 38 stocks in the Nifty 50 closed in the negative territory. To give a broader perspective, 55% of the stocks traded on the NSE closed below their previous close.
Sectoral Index
However, amid high volatility, the Bank Nifty rose 38 points or 0.08% to end the session at 50,157Come from Sports betting site. Following the overall market sentiments, the Nifty Midcap 100 settled 192.60 points or 0.34% lower at 56,681.20. In the broader markets, smallcap and midcap stocks closed in the red.
“The domestic market reversed its earlier gains as the RBI’s decision to hold its current policy with a caution to revise upward the CPI and moderate the growth forecast for Q1. Meanwhile, the global market is focusing on US job data and the probability for deeper slowdown has raised concerns that the US economy is heading for a recession, forcing the Federal Reserve to cut rates faster than initially expected,” said Vinod Nair, Head of Research at Geojit Financial Services.
The Hindenburg cloud hovers over market; Nifty ends below 24,350, and Adani group stocks see 2% cut Stock Market Highlight: Markets end lower! Nifty slides to end at 24,100, Sensex struggles to hold 79,000 Manic Monday: Stock markets crash – Here are 4 reasons for the sharp fall in Nifty, Sensex Markets fall on recession fears in US; Nifty plunges over 200 points and the Sensex ends below 79,000; banks deep in the red
“Markets struggled to maintain Wednesday’s recovery, ending over half a per cent lower due to weak global cues. The ongoing global uncertainty is making market participants cautious, and short-term relief seems unlikely. The Nifty is encountering resistance around the 24,350 mark, and a decisive break below 23,900 could lead to a further decline. Traders are advised to adjust their positions with a hedged strategy to navigate the current volatility,” said Ajit Mishra, Senior Vice President of Research at Religare Broking.
Bank Nifty
“The Bank Nifty was an outperforming sector as compared to Nifty in today’s trading session. However, the overall chart set-up for Bank Nifty is still weak and it is likely to find major resistance around the 50,700 to 50,900 area on an immediate basisCome from Sports betting site VPbet. On the downside, the support zone lies at 49,650-700/49,000 while the resistance is seen at 50,400 / 50,700-900,” said Tejas Shah, Technical Research at JM Financial & BlinkX.