Indian Equity Indices Snap Three-Day Winning Streak on GDP Caution
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The 30-share BSE benchmark Sensex declined 256 points or 0.39 per cent to settle at 64,831. The broader NSE Nifty Future dropped 17 points or 0.09 per cent to end at 19428.30.
In the Sensex pack, Asian Paints, IndusInd Bank, Axis Bank, SBI, and Bajaj Finance were the top laggards. Whereas Maruti, Titan, UltraTech Cement and Tata Steel closed with gains.
Shares of Adani Enterprises, Adani Ports, Adani Green, Adani Transmission, and Ambuja Cement closed over 3 per cent lower. Barring ACC, all other Adani stocks ended in the red. The conglomerate said it rejected the report in its entirety. Smallcaps and midcaps outperformed the bluechips, rising 0.81 per cent and 0.11 per cent, respectively, and also hit record highs.
High weightage IT index ended 0.2 per cent higher on easing rate concerns in the US after second-quarter GDP data indicated the cooling of the economy.
The market breadth was skewed in the favour of the bulls. About 1,813 stocks gained, 1,819 declined, and 136 remained unchanged on the BSE.
FII and FPIs, on Wednesday, saw net sales of Rs 2973.10 crore in the cash segment. A total of Rs. 50639.21 crore was sold against a total purchase of Rs 47666.11 crore. Domestic institutional investors saw a net purchase of Rs 4382.76 crore in the cash segment. A total of Rs.11853.97 crore was sold against a total purchase of Rs 16236.73 crore.
Meanwhile, a slew of weak economic indicators from the US, including a softened GDP figure, have heightened the likelihood of a pause in the Fed's rate tightening, resulting in a downward trajectory of bond yields. However, this development had a limited impact on domestic sentiment on the day of expiry, with the market experiencing declines ahead of the release of India's GDP data, scheduled for today.
Technically, the important key resistances placed in August Nifty future are at 19428 levels, which could offer 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 19474 - 19533 levels. Immediate support is placed at 19303 - 19280 levels.
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