Stock market fell today: BSE Sensex fell 500 points due to bear attack on Dalal Street, Nifty 50 below 21,500. india business news
Indian domestic equities witnessed a significant fall of 2% on Wednesday due to weak global environment and selling in HDFC Bank. Sharp remarks from the US Federal Reserve, coupled with rising tensions in the Middle East further weighed on investor sentiments. Rise in bond yields.
Siddharth Khemka, head of retail research at Motilal Oswal, said the market will closely monitor the quarterly results for specific stock movements and expects the indices to consolidate after sharp selling.
An ET report said that technical analysis shows that selling near the resistance zone of 21800-21820 would be an ideal strategy during this decline in the market. On the downside, the index is expected to target the level of 21167, which is the 40-day moving average.
In the US, Wall Street stocks closed lower on Wednesday after better-than-expected retail sales data for December. This data has reduced expectations of an early rate cut by the US Federal Reserve.
Asian stock markets opened mixed on Thursday, dragged down by declines in US stocks and Treasuries due to strong retail sales data. S&P 500 futures were unchanged, Hang Seng futures rose 0.2%, Nikkei 225 futures rose 0.2%, Japan’s Topix rose 0.2%, Australia’s S&P/ASX 200 fell 0.6%, and Euro Stoxx 50 futures were unchanged.
The dollar remained near a one-month peak against major rivals on Thursday, supported by strong US retail sales data and expectations that the Federal Reserve will not rush to lower interest rates.
Oil prices rose on Thursday due to OPEC’s forecast of relatively strong global oil demand over the next two years and concerns over disruptions to oil production caused by a cold blast in the US.
Foreign portfolio investors were net sellers of Rs 10,578 crore on Wednesday, while DIIs bought shares worth Rs 4,006 crore.
