Indices Slide Amid Middle East Tensions; Nifty 50 Gains On Earnings Boost
Dear Trader –
The NSE Nifty Futures index settled 0.34% lower at 19,616, and the S&P BSE Sensex fell 0.38% to 65,629.From the Sensex pack, Wipro, Sun Pharma, Tech Mahindra, and NTPC closed in the red, while Nestle, UltraTech Cement, IndusInd Bank, and L&T closed in the green.
Sector-wise, Nifty Metal declined 0.88%, and Nifty Financial Services fell 0.4%.Whereas auto, FMCG, media, and consumer durables closed higher. In the broader market, Nifty Midcap100 fell 0.09%, while Smallcap100 gained 0.15%.
Meanwhile, the market capitalisation of all listed companies on BSE declined by Rs 50,738 crore to Rs 320.90 lakh crore. The market breadth was skewed in the favour of the bulls. About 1,806 stocks gained, 1,896 declined, and 130 remained unchanged on the BSE.
FII and FPIs, on Thursday saw a net sales of Rs.1093.47 crore in the cash segment.A total of Rs.11195.58 crore was sales against a total purchase of Rs.10102.11 crore. Domestic institutional investors saw a net purchase of Rs.736.15 crore in the cash segment. A total of Rs.6513.60 crore was sales against a total purchase of Rs.7249.75 crore.
Meanwhile,Amid increasing global political strain, US treasury yield, and underwhelming IT earnings, the domestic market continued to trade with a minor cut. However, some optimism was evident in the equity market given global efforts to stabilize the West Asia conflict, which de-escalated crude prices trend.
Auto sector stocks outperformed, driven by Q2 results outcome.Investors are closely monitoring the Q2 earnings season,US Fed Chair speak and West Asia developments.
Technically, the important key resistances are placed in October Nifty future are at 19616 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 19505 – 19474 levels.
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