The benchmark BSE Sensex closed below the 60,000-mark on Wednesday, down 566 points, marking a second day as well. On Wednesday, the index closed 566 points lower at 59,610 while the Nifty fell 0.83% to end at 17,807.
Asian markets edged lower on Thursday while SGX Nifty signals a gap-in start for Indian stock market today, Singapore Nifty (SGX Nifty) is the Indian Nifty that is traded on the Singapore Stock Exchange and is considered the first sign of the opening of the Indian markets.
“Most power utilities stocks have been in action recently as there has been a sudden surge in electricity demand due to rising temperatures across the country. Also, consumer durable ACs have been in the limelight due to a surge in demand, while hotel stocks saw demand owing to the lifting of travel restrictions and the onset of vacations. The market is witnessing some volatility after the recent gains and has turned into a consolidation mode. Siddharth Khemka, head of retail research, Motilal Oswal, said volatility may be seen in interest sensitive stocks as investors await the outcome of the RBI policy meeting.
“Short term trend of Nifty seems to be reversing and a downward correction is on the way. The market is likely to face further weakness towards the 17,600 level in the next few sessions. Nagraj Shetty, Technical Research Analyst, HDFC Securities, said confirmation of bearish island reversal could lead to further downside in the market.
“Going forward, an immediate recovery from the current levels is expected. However, failure to stay above the lower band of the ascending channel could lead to increased selling pressure in the market. At the lower end, support is visible at 17,750, below which Nifty may slide towards 17,450 in the near term, said Rupak Dey, Senior Technical Analyst, LKP Securities.
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