Indian Benchmark indices ended lower in the yet another volatile session on Thursday with Nifty able to hold above 17,300 mark. At close, the Sensex was down 104.67 points or 0.18 per cent at 57,892.01, and the Nifty was down 17.60 points or 0.10 per cent at 17,304.60. About 1241 shares have advanced, 2042 shares declined, and 100 shares are unchanged.
ICICI Bank, Axis Bank, UltraTech Cement, IndusInd Bank and UPL were the top Nifty losers, while gainers included Tata Consumer Products, ONGC, HDFC, Reliance Industries and HDFC Life. On the sectoral front, Bank index slipped 1 per cent, while Power index gained nearly 2 per cent. BSE midcap and smallcap indices ended in the red.
“After a gap up opening index made an intraday high at 17,442.90 level but showed profit booking from the top and closed the session at 17,304.60 level with a loss of 17.60 points. While bank nifty closed the session at 37,531.65 level with a loss of 422.15 points. 30 out of Nifty 50 stock closed in red, indicating broad-based selling. On the sectoral front, Nifty Energy was the top gainer while Nifty Bank was a prime loser,” Choice Broking said in a note.
Prashanth Tapse, vice president (research), Mehta Equities Ltd., said on the technical front, “volatility could be the hallmark until investors are certain that Russia will not invade Ukraine. Nifty will face major hurdles at 17,807 mark and would gain strength only above 17,807 mark. Intraday hurdles at 17,417 mark. For the day, support seen at 17,208 and then at 17,057. Expect waterfall of selling now only below 16,811 mark.”
The US markets ended a volatile session of trade on Wednesday with marginal losses as investors heaved a sigh of relief after Fed FOMC release minutes indicated that the Fed intends to raise interest rates, but it would be done at a moderate pace. Thus, allying some fears of back-to-back rate hikes this calendar year. The Dow Jones slipped 0.2 per cent. The S&P 500 and Nasdaq were down 0.1 per cent each.
Meanwhile, Oil prices rose as the US and NATO questioned Russia’s willingness to negotiate a solution to the crisis, and accused it of increasing its military build-up surrounding Ukraine. Brent crude surged 1.6 per cent to $94.81 a barrel, and WTI crude jumped 1.7 per cent to $93.66, a barrel.
Major markets in Asia exhibited a mixed trend this morning. Kospi surged 1.2 per cent. Straits Times and Taiwan were up 0.6 per cent and 0.4 per cent, respectively. On the other hand, Japan’s Nikkei declined 0.4 per cent, and Shanghai Composite was down 0.2 per cent. Hang Seng traded on a flat note.
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