The Nifty futures closed at a negative 14,706 with a loss of 1.15%. On the shares front, trade setup saw a spurt in Godrej Consumers, Tata Chemicals NSE 3.68%, Tata Motors NSE 3.31%, Cadila, NMDC, SBI, Motherson Sumi, Lupine, Maruti and Powergrid but Voltas, Tata Steel, Jindal Steel Weak NSE -4.12%, IndusInd Bank, Hindalco, MGL, HUL, Muthoot Finance NSE-2.41%, Kotak Bank, Axis Bank, M&M Financial, RIL, and Ramco Cement.
The Nifty opened negative on Wednesday amid weak global cues and saw selling pressure at 14,650 levels. It saw some recovery from the lower levels, but the bounce sold off and the index closed the day with a decline of about 150 points.
The Bank Nifty opened negative but failed to cross the 32,750 level and moved towards the 32,350 marks. It failed to cross a significant hurdle at the level of 33,333 and is now pulling the bear index down to lower levels. The index formed a bearish candle and formed lower tops and bottoms on an hourly scale. The index has to go up and hold above the 32,750 level to bounce towards the 33,333 level, while the negative support is present at the 32,250 and 32,000 levels.
Asian stock markets retreated on Wednesday as investors worried about US data that they would be worried that inflation was rising.
The Shanghai, Tokyo, and Southeast Asian markets declined. Hong Kong Advanced.
The Shanghai Composite Index fell 0.1% to 3,439.57, while the Nikkei 225 in Tokyo fell 0.6% to 28,439.52. Hang Seng in Hong Kong rose 0.5% to 28,016.71.
Cospi rose 1.6% to 3,158.78 in Seoul and 0.6% in the S&P-ASX 200 Sydney to close at 7,056.30. New Zealand and Southeast Asian markets also declined.
On Wall Street, banks and energy companies led a broad pullback on Tuesday.
The S&P 500 fell to 4,152.19. The Dow Jones Industrial Average sank 1.4% on its worst day since February. The Nasdaq Composite fell 0.1% to close at 13,389.43.
In energy markets, benchmark US crude on the New York Mercantile Exchange fell 17 cents to $ 65.11 a barrel. The contract rose 36 cents to $ 65.28 on Tuesday. Brent crude, the price of international oils, sank 21 cents to $ 68.34 a barrel in London. It rose 23 cents from the previous season to $ 68.55.
The dollar rose to 108.85 yen from Tuesday’s 108.65. The euro fell from $ 1.2152 to $ 1.2126.