Selling Pressure Drags Market; Sensex, Nifty Trade In Red
In the Nifty 50 list, Adani Enterprises and Adani Ports open as the top losers, with both stocks declining around 10 percent to the lower circuit
Selling pressure returned to the Indian markets as both indices slipped into negative territory after a positive start.
The Nifty 50 index opened at 23,518.50 points with a gain of 64.70 points or 0.28 per cent, while the BSE Sensex also gained at opening, starting at 77,711.11 points with a surge of 132.73 points or 0.17 per cent.
Experts noted that Indian markets will remain softer in the near term. However, the markets may witness some changes next week after the announcement of the state election results.
Ajay Bagga, Banking and Market expert stated, "Nvidia results, Ukraine firing long range missiles and the Adani charges in a US court are dominating markets today. Asian markets are soft this morning. We expect Indian markets to be soft as well in today's trading, with the state election results, on Saturday, providing some support if the ruling coalition wins."
In the Nifty 50 list, Adani Enterprises and Adani Ports opened as the top losers, with both stocks declining around 10 percent to the lower circuit. Adani Green share also opened in the lower circuit, declining 18 percent after US prosecutors charged Gautam Adani and others in an alleged solar energy contract bribery case.
The Adani group reacting to the issue informed the exchange, “In light of these developments, our subsidiaries have presently decided not to proceed with the proposed USD denominated bond offerings.”
"On Tuesday, the Nifty experienced a strong bounce, but the gains didn't stick as there was buyer rejection near 23,800 which generated an "inverted hammer" with a long upper shadow.The nifty however, generated a Bollinger bands-based bullish setup, the first such occurrence since early August which had then triggered a rally," said Akshay Chinchalkar, Head of Research at Axis Securities.
He further added, however, this signal will be valid only as long as Tuesday's high breaks with support at 23,350 holding. Any breakdown will bring the focus near 23,200 next, where a key Fibonacci ratio of the election-day lows to the record high lies.
In other Asian markets on Thursday, selling pressure was witnessed in most of the major markets. Japan's Nikkei 225 index declined marginally by 0.84 per cent, and Hong Kong's Hang Seng index was also down by 0.19 per cent. The markets of South Korea and Jakarta Composite gained marginally at the time of filing this report.
The US markets on Wednesday closed almost flat, as both the S&P 500 index and the Nasdaq index remained stable. (ANI)
