Sensex: Weak global trends cause the Nifty to open lower
Sensex: Due to unfavorable signals from Asian markets that affected investor mood, Indian stock markets began weakly on Thursday, extending their losing run to a fourth consecutive session.
Intra-day volatility is being exacerbated by traders’ caution ahead of the weekly expiration of Sensex options.
The 30-share Sensex was down 124.77 points, or 0.15 percent, at 84,434.8 at around 9:23 a.m. At 25,789.75, the Nifty fell 22.15 points, or 0.08 percent.
“The 25,950–26,000 range represents immediate resistance; a clear breakthrough over this range might pave the way for 26,100. Key support levels on the downside are anticipated to be 25,650 and 25,700 in the near future, according to analysts.
Prominent equities that saw losses of up to 2 percent were Sun Pharma, TVS Motor, Mahindra & Mahindra, NTPC, Maruti Suzuki, Kotak Mahindra Bank, Tata Steel, and Bharat Electronics.
However, the market received some support from IT and a few banking firms; Infosys, HCLTech, Tech Mahindra, TCS, SBI, and ITC all saw gains.
The Nifty car, Nifty Pharma, and Nifty Realty indexes all saw declines of up to 1%, indicating pressure on the sectors fronts of car, pharmaceutical, and real estate stocks.
On the other hand, the PSU Bank index increased by almost 0.25 percent, while the Nifty IT index increased by over 0.9%.
The Nifty Midcap index fell 0.10 percent and the Nifty Smallcap index fell 0.2 percent as a result of minor selling pressure on the larger markets.
Investors across the world are keeping a careful eye on the day’s major economic developments.
In addition to U.S. inflation and unemployment claims data, market players are anticipating interest rate announcements from the European Central Bank and the Bank of England.
It is generally anticipated that the Bank of Japan would increase interest rates to 0.75 percent on Friday, as it has begun its two-day policy meeting.
Foreign institutional investors continued to be net buys in terms of institutional activity, buying shares on Wednesday for a total of Rs 1,449.22 crore.
During the day, domestic institutional investors also purchased stocks totaling Rs 587.16 crore.
Early Thursday trading saw an increase in oil prices. Another issue for investors to monitor throughout the day was the 1.29 percent increase in Brent oil to $59.68 per barrel and the 1.64 percent increase in US West Texas Intermediate crude to $56.86 per barrel.