Sensex Loses Over 100 Points, Nifty Below 10,850

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The S&P BSE Sensex, on Thursday, was at 35,622.11, down 117.05 points or 0.33 per cent in early morning deals while the broader Nifty50 was at 10,822.70, with a loss of 34 points or 0.31 per cent, after the US Federal Reserve raised interest rates and took a more hawkish tone in forecasting a slightly faster pace of tightening. At about 9:26 am, the losses in the 50-share Nifty50 were led by Wipro (down 1.08 per cent), Tata Consultancy Services (down 0.99 per cent), Axis Bank (down 0.96 per cent), Hindustan Petroleum (down 0.94 per cent), and Eicher Motors (down 0.92 per cent).

A total of 32 stocks in the Nifty50 index traded with losses. The Nifty PSU Bank index was down nearly 1 per cent as seven out of 12 stocks declined in trade.

Technical experts, however, suggested that Nifty is set to oscillate in the escalating channel with intermediate resistance of 10,900, where bulls’ threshold is placed. “If the bulls manage to surpass the 10,900 mark, we may see a further escalation towards the 11,000 level. The intermediate support is at 10,800,” said Dyaneshwar Padwal, AVP-technical analysis, KIFS Trade Capital.
In global markets, MSCI’s broadest index of Asia-Pacific shares outside Japan lost 0.5 per cent, according to a report by news agency Reuters. South Korea’s KOSPI was off 1.2 per cent, while Hong Kong’s Hang Seng dipped 0.2 per cent. Japan’s Nikkei shed 0.4 per cent.

On Wednesday, foreign portfolio investors net sold equities worth Rs 70.77 crore while domestic institutional investors net purchased shares worth Rs 486.78 crore, according to provisional data from the National Stock Exchange (NSE). The Sensex had closed at 35,739.16 while the Nifty50 had settled at 10,856.70. (With Reuters inputs)

Source: NDTV Profit