Stock Market Update: Nifty Holds 23,500 as Sensex Slips 250 Points; FMCG, Energy Stocks Lead
BSE Midcap index down 0.7 percent, and the Smallcap index dropped 0.35 percent. In terms of sectors, excluding FMCG and oil & gas, all the other indexes finished in the red, with IT auto, realty, and Media down around 1-2 percent. Wipro, IndusInd Bank, Shriram Finance, Cipla, M&M were among the biggest loser on the Sensex and gainers were Tata Consumer, Kotak Mahindra bank, Apollo Hospitals, ONGC, ICICI Bank.
Stock Market Update: Nifty Holds 23,500 as Sensex Slips 250 Points; FMCG, Energy Stocks Lead
Many experts believe of the fact that the central bank should keep its neutral policy because it will allow the RBI to take action on both sides of the rate debate. A section of the committee voted in favor of a change of stance in the direction of "Accomodative" for a smooth change in policy rates.
Market This Week
• First Market Gains for second consecutive week, led by IT
• #2 Financials are seeing good gains. Nifty Bank is up nearly 22%
• #3 Midcaps are underperforming and midcap index is in the same place for the week
Rupak De, Senior Technical Analyst at LKP Securities
The Nifty was unstable on the first day of the series before settling with a dip. Since Nifty hit a new high at the previous range of 23,800 The index is consolidating. Moving forward, 23,400 could serve as a support for immediate time. If the price falls below 23,400, it could push Nifty towards 23,200 in which the most crucial support is found.
If Nifty is over 24,200 levels, the market could see an additional upwards. However If the Nifty does not drop to 23,400 or lower, then it could climb to 23,600 or higher.
The rupee jumped up in the range of 0.30 to 85.45 thanks to the strong FII flow of around Rs 11.111 crore which increased sentiment and helped buyers of the rupee. The dollar's range-bound movements provided an additional cushion, keeping the pressure on the rupee at a minimum.
In the future in the future, the positive FII signals will likely to maintain the optimism towards the dollar. But, the Core PCE Price Index data will play a key role in determining the volatility of the dollar. The range for the rupee is expected to be between 85.00-85.75 and the flow of capital and US economic data influencing the next direction.
