Indian Equity Indices Close Lower Amid Global Economic Concerns
Dear Trader…
The BSE Sensex was settled at 676 points or 1.02 per cent lower at 65,782. Nifty Future was down 216 points or 1.09 per cent at 19,596. Among the Sensex stocks, Tata Steel, L&T, JSW Steel, Bajaj Finserv, HDFC Bank, TCS, and Tata Motors opened lower, while only Reliance Industries and Asian Paints opened higher.
On the sectoral front, Nifty Metal dropped 0.95 per cent, and Nifty PSU Bank fell 0.74 per cent. Nifty Financial Services and Nifty IT also opened lower. In the broader market, Nifty Midcap 100 fell 0.48 per cent, and Nifty Smallcap 100 plunged 0.11 per cent.
FII and FPIs, on Wednesday, saw a net sold of Rs. 1877.84 crore in the cash segment. A total of Rs. 10,144.06 crore was sold against a total purchase of Rs. 8266.22 crore. Domestic institutional investors saw net sold of Rs. 2.23 crore in the cash segment. A total of Rs. 9314.73 crore was sold against a total purchase of Rs. 9312.50 crore.
Meanwhile, the major news after the market close yesterday is the rating agency Fitch’s downgrade of the US sovereign rating from AAA to AA+. This has impacted bond and currency markets with the US 10-year yield rising above 4 per cent. The impact on the stock markets is likely to be negative but not large since the US economy is now headed for a soft landing and not a recession, as markets feared earlier.
Technically, the important key resistances placed in July Nifty future are at 19596 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 19676 - 19707 levels. Immediate support is placed at 19530 - 19505 levels.
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