Indian Equity Markets Dip On Caution Before Inflation Data, RBI Decision
Dear Trader…
The Nifty future index settled 0.25% lower at 19,611, while the S&P BSE Sensex declined 107 points or 0.16% to 65,846.
From the Sensex pack, Power Grid, M&M, JSW Steel, Sun Pharma, Nestle and Reliance Industries closed in the red, whereas Tech Mahindra, Wipro, Bajaj Finance, SBI and Bajaj Finserv ended higher.
However, banks, private banks and financial services gained between 0.19% and 0.32% while public sector banks climbed 3.37%. The pharma index gained 0.64% and hit a record high.
Domestic investors await the Reserve Bank of India's policy decision, due on Thursday.
The market breadth was skewed in the favour of the bulls. About 1,813 stocks gained, 1,802 declined, and 140 remained unchanged on the BSE.
FII and FPIs, on Tuesday, saw a net sales of Rs.711.34 crore in the cash segment. A total of Rs.11433.09 crore was sold against a total purchase of Rs.10721.75 crore. Domestic institutional investors saw a net purchase of Rs.537.31 crore in the cash segment. A total of Rs. 8271.80 crore was sold against a total purchase of Rs. 8809.11 crore.
Meanwhile, On the global front, investors are adopting a cautious approach even amid declining bond yields as they await the release of crucial economic data. The significant drop in Chinese exports has also contributed to concerns within the global market.
FIIs remain in a selling mode in the domestic market, yet active buying from DIIs is mitigating downside risk.
Technically, the important key resistances placed in August Nifty future are at 19611 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 – 19770 levels. Immediate support is placed at 19474 – 19404 levels.
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