Nifty futures lost 0.99% to close negative at 14,765 level. Among the special stocks, Ambuja Cement, TVS Motor, Jindal Steel, Grasim, UPL NSE 2.21%, Tata Steel, Balkrishna Industries NSE 1.83%, LIC Housing Finance, Ramco Cement, Cummins India, ACC, HUL and SBI were seen. But weak in IDFC First, HDFC, PVR, Coal India
The Nifty started negative on Wednesday and consolidated with negative bias through the day. After the recovery of the last two sessions, the index saw profit-booking, but its immediate support areas were respected.
Bank Nifty opened negative and remained under pressure for the first half of the session. Banking stocks did not hold well and the index ended the day with a loss of about 550 points. This has been weakening the broader market for the past few seasons. The index produced a recession candle on a daily scale with a low shadow now. Now, it will have to cross above the 33,500 level to bounce towards the 33,500 and 34,500 levels, while the downside is present at the 33,000 and 32,500 levels.
Asian stocks were merged into a strong economic recovery in China on Wednesday, but are concerned about the coronavirus epidemic.
Japan’s benchmark Nikkei 225 closed up 0.8% at 29,200.21 in morning trade. Australia’s S&P / ASX 200 added 1.5% to 6,841.60. South Korea’s Kospi was slightly changed, down 0.1% to 3,071.42. Hong Kong’s Hang Seng slipped 0.6% to 28,407.21, while Shanghai Composite declined 0.9% to 3,424.144.
The US stock index was another swell for treasury yields as large technology stocks came under pressure. After a report that yields have been higher, consumers are expected to be more confident than economists.
The yield on the 10-year Treasury reached 1.74%. Its jump this year has forced investors to rethink higher prices for many stocks, particularly tech giants who were big winners in the first epidemic.
Health care stocks pulled out less expensive stocks by banks, industrial stocks, and companies that rely on consumer spending.
The S&P 500 slipped 0.3% to close at 3,958.55. The Dow Jones Industrial Average fell 0.3% to 33,066.96, set a day earlier. The Nasdaq Composite fell 0.1% to 13,045.39. Russell 2000 rose 1.7% to 2,195.80.
In energy trade, US benchmark crude fell 1 per cent to $ 60.54 a barrel. Internationally, Brent crude rose 6 cents to $ 64.20 a barrel.
In currency trading, the US dollar rose from 110.25 yen to 110.70 Japanese yen. The euro costs $ 1.1707 from $ 1.1745.