Indian Equity Indices Close Lower In Volatile Market On Wednesday
The 30-share BSE benchmark Sensex declined 283 points or 0.44 per cent to settle at 63,591. The broader NSE Nifty fell 105 points or 0.54 per cent to end at 19,054.
Nifty small-caps and mid-caps declined 0.26 per cent and 0.7 per cent, respectively. Amongst sectors, Nifty Metal fell 1.4 per cent and Nifty IT dropped 0.8 per cent. While Nifty Media, Pharma, PSU Bank, Realty, Healthcare, and Oil & Gas ended higher. From Sensex stocks, Asian Paints, Tata Steel, Nestle and Maruti ended with cuts, while only Sun Pharma, Bajaj Finserv, Reliance Industries, SBI and Bharti Airtel closed with gains.
Sun Pharma closed 2.6 per cent higher after the firm reported a 6 per cent YoY growth in consolidated net profit for the September quarter to Rs 2,385 crore.
The market capitalisation of all listed companies on BSE declined by Rs 1.21 lakh crore to Rs 310.24 lakh crore. Meanwhile, the market breadth was skewed in the favour of the bears. About 2,090 stocks declined, 1,575 gained and 118 remained unchanged on the BSE.
FII and FPIs, on Wednesday, saw net sales of Rs 1816.91 crore in the cash segment. A total of Rs 8,491.17 crore was sold against a total purchase of Rs 6,674.26 crore. Domestic institutional investors saw a net purchase of Rs 1,622.05 crore in the cash segment. A total of Rs 5,995.04 crore was sold against a total purchase of Rs 7,617.09 crore.
Meanwhile, The domestic indices were responding to the global signals ahead of the Fed's monetary policy decision later in the day, while the global market was also assimilating to the mixed bag of US corporate
earnings reports. Markets anticipate a status quo in the Fed policy; however, sustenance of the high rate for a prolonged period is the issue.
Ease in demand, as reflected by October PMI data, led to more cautiousness in India compared to Asian and European peers. However, good H1 gross tax collection and in-line expectation monthly volume demand by the auto sector resulted in a minimal negative effect.
Technically, the important key resistances placed in October Nifty future are at 19,054 levels, which could offer the market on the higher side. Sustainability above this zone would signal opens the door for a directional upmove with immediate resistances seen at 19,109 – 19,190 levels. Immediate support is placed at 19,009 – 18,880 levels.
