Indian Shares Extend Losses, Snap Four-Week Winning Streak
Dear Trader…
The BSE Sensex index ended 106 points or 0.16% lower at 66,160, while Nifty Future fell 78 points or 0.39 per cent to settle at 19,733. While the benchmarks declined, the broader peers showed resilience with the small-caps and midcaps climbing 0.19 per cent and 0.55 per cent, respectively, on the day. From the Sensex pack, HDFC Bank, Bajaj Finserv, Tata Motors, TCS, HCL Tech, and Axis Bank ended in the red, while NTPC, Power Grid, M&M, JSW Steel, Bajaj Finance, and Reliance Industries ended with gains.
On the sectoral front, Nifty IT fell 0.86 per cent, and Nifty Bank dropped 0.46 per cent. Whereas, Nifty Realty rose 1.83 per cent and Nifty FMCG gained 0.88 per cent. In the broader market, Nifty Midcap 100 touched its new 52-week high of 37,378 and closed 0.55 per cent higher. Meanwhile, the market capitalisation of all listed companies on BSE increased by Rs 64,364 crore to Rs 304.14 lakh crore. The market breadth was skewed in favour of the bulls. About 1,827 stocks gained, 1,694 declined, and 170 remained unchanged on the BSE.
FII and FPIs, on Friday, saw a net sold of Rs. 1023.91 crore in the cash segment. A total of Rs. 10,291.33 crore was sold against a total purchase of Rs. 9267.42 crore. Domestic institutional investors saw a net purchase of Rs. 1634.37 crore in the cash segment. A total of Rs. 7178.67 crore was sold against a total purchase of Rs. 8813.04 crore.
Meanwhile, the better-than-expected US Q2 GDP data, though positive, hindered the mood of the domestic market as it signalled the chances of another rate hike. The Fed chief's comments about a data-centric approach without ruling out rate hikes added to the uncertainty. Furthermore, the reversal of the buying trend by FII and the rise in US bond yields contributed to market volatility. However, Asian markets remained largely positive due to the BOJ's decision to retain the policy rate, contrary to speculation about the removal of stimulus measures.
Technically, the important key resistances are placed in July Nifty future are at 19733 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 19808 - 19880 levels. Immediate support is placed at 19676 - 19606 levels.
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