Market Declines: Nifty-Sensex Suffer Losses Amid Global Concerns
Share Market: The selling pressure in the Indian markets has returned again, as both indices went into the negative zone after a positive start.
Stock Market Decline
The Nifty 50 index opened 64.70 points (0.28 percent) higher at 23,518.50 points, while the BSE Sensex also gained 132.73 points (0.17 per cent) to 77,711.11 points. Experts said Indian markets would remain subdued in the near term. However, markets may see some changes next week after the declaration of state election results.
Nifty-Sensex Both Red Marks
Banking and market expert Ajay Bagga said that "Nvidia results, Ukraine's firing of long-range missiles and allegations against Adani in the US court dominate the markets today." Asian markets are soft this morning. We expect Indian markets to remain subdued in today's trade, with the state election results coming out on Saturday, getting some support if the ruling coalition wins," he said.
A Decline of About 10 percent
In the Nifty 50 list, Adani Enterprises and Adani Ports opened as the top losers, with both indices falling nearly 10 per cent to the lower circuit. Shares of Adani Green also opened in the lower circuit, falling 18 per cent after US prosecutors charged Gautam Adani and others in the alleged solar power contract bribery case. Reacting to the issue, the Adani Group informed the exchange that "in view of these developments, our subsidiaries have decided not to proceed with the currently proposed USD denominated bond offerings".
The Market was Booming on Tuesday
"On Tuesday, the Nifty bounced strongly, but the gains were not sustained as buyers around ~23,800 rejected it, generating an "upside down hammer" with a long upper shadow.
However, Nifty generated a setup of Bollinger Band-based bullish – the first time since early August, which again triggered a rally," said Akshay Chinchalkar, Head of Research, Axis Securities. "However, this signal will remain valid only as long as Tuesday's high is broken with support at 23,350.
Any decline in the market could shift focus to around 23,200, where a key Fibonacci ratio between the election-day lows and record highs lies. On Thursday, selling pressure affected most major Asian markets, with Japan's Nikkei 225 index falling by 0.84% and Hong Kong's Hang Seng index dropping by 0.19%.
At the time of filing this report, markets in South Korea and Jakarta Composite recorded a slight increase. US markets closed almost flat on Wednesday, as both the S&P 500 index and the Nasdaq index remained stable.
(Input From ANI)
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