A day before the weekly expiry, the markets have closed down today. Sensex closed 304 points lower at 57,685, while Nifty closed 70 points lower at 17,246. Nifty Bank declined by 201 points and closed at 36,147. At the same time, the midcap climbed 160 points to close at 29,137. Although today there was an early gain in the market. Metal, power, pharma and oil-gas stocks were the biggest buyers.
18 out of 30 Sensex stocks fell. 28 out of 50 stocks of Nifty were selling while 7 out of 12 stocks of Nifty Bank were selling. The rupee also saw weakness today against the dollar. Rupee weakens by 18 paise to close at 76.31. Looking at different sectors, Healthcare, Metal, Oil & Gas and Power indices closed in the green today. At the same time, selling has been seen in Auto, Bank, Capital Goods and FMCG.
Vinod Nair of Geojit Financial Says that after the recent rally, there is a caution in the market. The inflationary pressure seems to be increasing once again due to supply constraints. Continuing rise in input cost, fall in demand due to increase in COVID cases in many parts of the world, Russia-Ukraine war, rising commodity prices are putting pressure on earnings growth. Due to which there is a possibility of down-grading in Outlook going forward.
Experts say that only after the end of the ongoing war between Russia and Ukraine and the improvement in the supply situation, India’s economy and market can be strengthened. Until this happens, the situation will remain challenging.
How will the market move on Thursday
Siddharth Khemka of Motilal Oswal Says that the domestic market seems to be trapped in the range for the last few days amid rising volatility. Despite the positive opening, the follow-up buying at the higher level is disappearing. Due to this, the market seems to be under pressure in the second half of the trading day. However, the overall trend of the market remains positive, he added. Russo-Ukraine war in the market, increase in crude oil prices, aggressive attitude of US Fed is causing trouble. Due to which there is a cautious trend in the market. He further said that Nifty has to close above 17,350 to move towards 17,500 and 17,750.
Gainers & Losers: Sensex-Nifty closed in red mark today, these 5 stocks were the biggest movement
Mohit Nigam of Hem Securities Lets say that there is Immediate Support for Nifty at 17,000 and Immediate Resistance at 17,400. On the other hand, support is seen at 35,800 and resistance at 36,600 for Bank Nifty.
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