Closing Bell: Nifty gives up 19300, Sensex slides 350 pts; HDFC Bank, ITC drag
Market Closing Bell: Domestic indices NSE Nifty 50 and BSE Sensex opened in the red on Friday, extending the global rout. Nifty 50 opened under the 19,300 level, lower by 90 points whereas Sensex just about defended the 65,000 level, starting the day’s session at 65,000.67. The broader markets traded in the red, with Nifty 100, Nifty 200 and Nifty Midcap 100 sinking up to 0.6%. Nifty Smallcap 100 outperformed, trading mildly higher at 0.04% in the green. All sectoral indices traded in the red, with Nify PSU Bank, Nifty Bank and Nifty IT leading losses.
Reliance AGM eyed
“Benchmark Indices opened weak in line with global cues ahead of the Fed meet and Powell’s speech today. Back home, all sectoral indices ended in the red with even the midcap Index down over a percentage. D-Street Bulls preferred to wait until Monday for the big AGM which probably could be of interest to investors,” said S Ranganathan, Head of Research at LKP Securities.
Nifty technical outlook
“The Nifty index has declined to a significant moving average (55EMA) support level. The sentiment is expected to stay bearish as long as the index remains below 19450, where the 21-day Exponential Moving Average (EMA) is positioned on the daily timeframe. If the index decisively falls below 19240, it could potentially lead the Nifty towards the 19000 mark,” said Rupak De, Senior Technical analyst at LKP Securities.