Benchmark indices NSE Nifty 50 and BSE Sensex ended today’s session in red amid negative global cues. The NSE Nifty 50 tanked 70.55 points or 0.37% to 18,755.45 and BSE Sensex tumbled 216.28 points or 0.34% to 63,168.30. In sectoral indices, Bank Nifty tumbled 304.40 points or 0.69% to 43,633.75, Nifty Private Bank sank 0.89%, Nifty Auto fell 0.62% while Nifty IT rose 0.42%, Nifty Pharma was up 0.17% and Nifty PSU Bank gained 0.96%. The top gainers on Nifty 50 were HDFC Life, Bajaj Finance, Bajaj Finserv, Tech Mahindra and TCS while the losers were Adani Enterprises, Hero Motocorp, Kotak Bank, Adani Ports and Axis Bank.
“Indian equities shied away from closing at all-time high levels amid profit booking, primarily driven by private banks. Global markets also took a breather after a strong rally last week as investors looked forward to China’s rate decision and the Fed chair’s testimony. The Indian rupee has been exhibiting strength recently, supported by strong FII inflows and favourable domestic macroeconomic data,” said Vinod Nair, Head of Research at Geojit Financial Services.
Bank Nifty may consolidate in 43400–44500 range
“Bank Nifty likely to consolidate in the range of 43400–44500 from short term perspective. On the upside the recent swing high of 44500 is acting as a stiff resistance while on the downside 43400 where the 40-day exponential moving average is placed is acting as a crucial support. A decisive move beyond these extremes shall lead to a trending move in that direction,” said Jatin Gedia, Technical Research Analyst, Sharekhan by BNP Paribas.