The Nifty futures lost 0.91% to end at a negative level of 15,190. On the shares front, Motherson Sumi NSE 6.42%, Bank of Baroda, BEL, HPCL, Hero MotoCorp, Cummins India, Sun TV, PEL, SBI, Siemens NSE 2.11%, Powergrid NSE 2.00%, MFSL Has gone. NTPC, Vedanta NSE 1.37% and RIL but weaker in Page Industries, Asian Paint, Maruti, IndusInd Bank, Torrent Pharma, HDFC Bank, Dr Reddy’s, Devices Lab, Glenmark and HUL.
The Nifty opened the gap in line with weak global cues. The selling momentum was observed in the market, and wild swings were observed during the session with a negative bias in the index. The Nifty fell to a level of 15,170 and settled the day with a loss of nearly 100 points.
The index constituted a bearish candle on the daily scale and ruled out the highs and lows of the previous four sessions. Now, the index has to hold the 15,200 level to move towards the 15,500 level, while on the downside, the major support can be seen around the 15,100 and 15,000 levels.
Bank Nifty fell flat and opened at 36,750 level. Banking stocks are now taking a break in positive momentum, and thus, the rate-sensitive index fails to maintain a high level. The index closed near the bottom with a loss of nearly 200 points. This constituted a bearish candle on a daily scale with an upward shadow, indicating underperformance and pressure.
It ruled out the formation of high highs and lows in the last three seasons. Now, to see the bounce at the level of 37,500 and then 37,700 it has to be kept above the level of 36,750, while on the downside, support is seen at the level of 36,500 and 36,250.
Asian stocks were lower on Wednesday as investors were sold to lock in profits from a recent rally, with the expectation that the economy would slowly return to a pre-epidemic.
Japan’s Nikkei 225, the benchmark, dipped 0.8% to 30,216.27, even starting a vaccination campaign against COVID-19, which began with medical staff. South Korea’s Kospi fell 1.1% to 3,128.81. Australia’s S&P / ASX 200 slipped 0.6% to end at 6,874.90. Hong Kong’s Hang Seng was unchanged at around 30,746.88. Trade was closed for a vacation in Shanghai.
In energy trading, the benchmark U.S. on the New York Mercantile Exchange. Crude rose 7 cents to $ 60.12 per barrel. It rose 58 cents to $ 60.05 a barrel on Tuesday. Internationally, Brent crude dropped 35 cents to $ 63.00 a barrel.
In currency trading, the US dollar slipped from 106.00 yen to 105.98 Japanese yen. The euro costs $ 1.2093, down from $ 1.2109.