Indian Equity Indices Retreat As Investors Shift Focus To RBI Policy Meeting Minutes
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Indices were also dragged down by the heavyweight Reliance Industries, HDFC Bank and Jio Financial Services, which overpowered the rise in IT stocks. The Nifty future index settled 0.21 per cent lower at 19,390, while the S&P BSE Sensex fell 181 points or 0.28 per cent to settle at 65,252.
A proud moment for India as the Chandrayaan-3 soft-landed on the moon, which also saw the companies that contributed to the mission saw a surge in the stock prices on Thursday.
From the Sensex pack, Jio Financial Services and Reliance Industries were the top laggards. Power Grid, L&T, JSW Steel, HCL tech and NTPC also closed lower. While IndusInd Bank, Infosys, UltraTech Cement, ICICI Bank, Nestle, and Axis Bank closed higher.
Jio Financial Services hit the 5 per cent lower circuit for the fourth session in a row since listing on Monday. About 1731 stocks gained, 1890 declined, and 159 remained unchanged on the BSE.
FII and FPIs, on Wednesday, saw a net purchase of Rs.1524.87 crore in the cash segment. A total of Rs.11467.87 crore was sold against a total purchase of Rs.12992.74 crore. Domestic institutional investors saw a net purchase of Rs.5796.61 crore in the cash segment. A total of Rs.7254.22 crore was sales against a total purchase of Rs.13050.83 crore.
Meanwhile, Global markets have restrained from making significant moves as they await the outcome of the central bankers' gathering at Jackson Hole scheduled for Friday.
It can also be seen in the markets of developing nations including India in the coming days. Funds to lighten investment in risky assets, investors' attitude,Indian stock markets are currently overbought, foreign portfolio investors stop buying and local funds, institutional investors sell off, there may be a big correction in the market. So it is advisable to be careful and be very selective in the stocks.
Technically, the important key resistances are placed in August Nifty future are at 19390 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 – 19505 levels. Immediate support is placed at 19303 – 19232 levels.
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