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Banks, metals drag Nifty below 10,600 ahead of FO expiry; Sensex falls 115 pts, IT shines

Benchmark indices closed in the red on Wednesday, with the Sensex losing more than 100 points following correction in global stocks. Banks, metals, infrastructure and pharma stocks weighed down the market, but the rally in technology stocks due to sharp depreciation in rupee capped losses. The 30-share BSE Sensex was down 115.37 points at 34,501.27 and the 50-share NSE Nifty fell 43.90 points to 10,570.50. Experts largely expect the Nifty to be volatile on Thursday and see expiry in the range of 10,500-10,600 levels. “Market action in a trade tomorrow will be overruled by derivative cues on expiry day; we see considerable option writing below the 10,500 level which might suggest an expiry around this level,” Nikhil Kamath, Co-Founder, Zerodha said. “As PCR ratio is hovering around 1.5 which has slightly declined from the previous days level, we maintain a neutral outlook at the current juncture and would not advocate entering fresh positions at this point,” he added. Shares in the European markets were lower after rising yields in the bond markets offset upbeat sentiment due to surrounding corporate earnings. France’s CAC and Britain’s FTSE were down 0.6 percent each while Germany’s DAX declined 1.5 percent at the time of writing this article. Asian markets ended lower after negative close on Wall Street as investors were worried about rising interest rates. Japan’s Nikkei 225 fell 0.28 percent, China’s Shanghai Composite down 0.35 percent and Hong Kong’s Hang Seng declined 1 percent. Back home, the Nifty Midcap also traded

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