Sensex Today: Snapping a three-day winning run, equity markets ended lower on Thursday as investors adjusted their positions amid the weekly F&O expiry. The S&P BSE Sensex fell 542 points, or 0.9 per cent, to close at 59,806 level, while the Nifty50 ended at 17,590, dropping 165 points or 0.93 per cent.
M&M (down 3 per cent), RIL (down over 2 per cent), Bajaj Finserv, ICICI Bank, Maruti Suzuki, Tata Motors, Tech M, Bajaj Finance, TCS, Kotak Bank, ITC, Titan, and SBI were the top Sensex laggards. On the Nifty, Adani Enterprises (down 5 per cent), SBI Life, Adani Ports, and Eicher Motors were the additional draggers.
In the broader markets, the BSE MidCap and SmallCap indices succumbed to late sell-off and slipped up to 0.55 per cent. Among sectors, the Nifty Auto index slumped 1.8 per cent; and the Nifty IT, PSU Bank, FMCG, and Realty indices fell 1 per cent each.
Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities, said: “Selling pressure came to the fore after 3 days of relief rally, as US Fed signalling further rate hike to tame inflation reignited worries of slowing growth. Also, the rising bond yields in the last few sessions are indicating that risk-off sentiment in equities will prevail going ahead and liquidity could tighten. Technically, on daily charts, the Nifty has formed a long bearish candle which supports further weakness from the current levels. For the bulls, 17,650 would act as an immediate resistance zone. Below the same, the index could slip till 17,500-17,450. On the flip side, above 17,650, minor intraday pullback rally could be seen till 17,700-17,750.”
Global Cues
Globally, the US equity markets were mixed overnight, as the US Federal Reserve Chairman Jerome Powell reaffirmed his adherence to a higher size of rate hike in his second day of testimony to Congress.
While Dow Jones closed on a flat note, the S&P 500, and NASDAQ Composite indices gained up to 0.4 per cent, after Powell suggested the next rate hike decision rests on data issued before the March meeting.
Following this statement, the US dollar index, which measures greenback against a basket of six currencies, retreated from three-month high and slipped to 105.61.
Asia-Pacific markets, meanwhile, edged higher this morning, with Nikkei 225, Topix, Kospi, and the S&P 200 indices climbing up to 1 per cent.
In the commodities market, prices of Brent Crude and WTI Crude slipped up to 0.2 per cent to $86 per barrel, and $76 per barrel, respectively.
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