Indian Blue-Chip Shares Stable; Mid-Caps Reach Record Amid Global Concerns
Dear Trader…
Benchmark indices closed flat in a highly volatile session on Tuesday as losses in HDFC Bank, Jio Financial Service, and ICICI Bank were offset by auto and FMCG stocks. Persistent concerns over US interest rates and China's economic health weighed on investor sentiment, although the mid-cap index rallied to a fresh record on brighter domestic prospects.
The BSE benchmark Sensex rose 4 points, or 0.01 per cent to end at 65,220.The NSE Nifty was down 11 points or 0.06 per cent to end at 19,388.
From the Sensex pack, NTPC, M&M, Wipro, L&T, Axis Bank and Tata Steel closed higher, whereas Jio Financial Services, Bajaj Finserv, SBI, ICICI Bank, and TCS settled with cuts.
The market breadth was skewed in the favour of the bulls. About 2,165 stocks gained, 1,503 declined, and 117 remained unchanged on the BSE.
FII and FPIs, on Tuesday saw a net sales of Rs.495.17 crore in the cash segment. A total of Rs.9349.25 crore was sales against a total purchase of Rs.8854.08 crore. Domestic institutional investors saw a net purchase of Rs.533.75 crore in the cash segment. A total of Rs.5493.47 crore was sales against a total purchase of Rs. 6027.22 crore.
Meanwhile, Despite the support of positive international markets, Indian equities struggled to maintain their upward momentum due to lingering apprehensions over ongoing global uncertainties.
The influence of higher bond yields and concerns about potential rate hikes in the US is prompting FIIs to withdraw funds from the domestic market, contributing to the market's volatility.
Technically, the important key resistances are placed in August Nifty future are at 19388 levels, which could offer for the market on the higher side. Sustainability above this zone would signal opens the door for a directional up move with immediate resistances seen at 19404 – 19474 levels. Immediate support is placed at 19272 – 19202 levels.
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