Domestic equity markets have failed to hold on to gains so far this week and closed in the damaging territory repeatedly. S&P BSE Sensex closed at 49,216 points when the 50-stock NSE Nifty ended at 14,557. Equities have been spooked as US 10-year treasury yields have been marching larger constantly with the international financial recovery taking shape. Domestically, escalating coronavirus situations have also been a lead to of be concerned. Indices could open in the red on Friday morning with SGX Nifty plummeting 65 points through the early hours of trade.
Global watch: After reaching record highs on Wednesday, Wall Street ended in the red yesterday. NASDAQ closed 3% reduced, S&P 500 and Dow Jones followed. The weakness was carried on to Asian markets, exactly where Hang Seng, KOSPI, Nikkei 225, and Shanghai Composite had been all in the red.
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Technical take: With Nifty moving down for 5 consecutive days, the index has broken slightly under the trend line assistance at 14,680, according to Nagaraj Shetti, Technical Research Analyst, HDFC Securities. He added that the quick term trend of Nifty continues to be weak but has not ruled out an upside bounce from present levels.
Support and resistance levels: A correction wave is probably to continue till 14,450-14,460 / 48,890-48,700, stated Shrikant Chouhan, Executive Vice President, Equity Technical Research at Kotak Securities. “On the flip side, 14750/49963 could be the immediate hurdle, sustain above the same then we can expect quick relief rally up to 14850-14900/50100-50300 levels,” he added. Nagaraj Shetti of HDFC Securities believes 14,500 is the critical assistance for Nifty now, under which it could tank to 14,000.
IPO Watch: Kalyan Jewellers IPO was subscribed 2.62 occasions at the finish of the final day of bidding. Suryoday Small Finance Bank’s problem was subscribed by investors 1.01 occasions with retail investors oversubscribing their portion. Nazara Technologies IPO has noticed a robust response with day 2 subscription at 10.55 occasions.
FII and DII trades: Foreign Institutional Investors (FII) had been net purchasers once more of domestic securities. FII obtaining stood at Rs 1,258 crore for the day. Domestic Institutional Investors had been nonetheless sellers, pulling out Rs 1,116 crore.