Sensex, Nifty swing in early trade on mixed global market cues

Sensex, Nifty swing in early trade on mixed global market cues

Updated: 1 month, 1 day, 11 hours, 18 minutes, 54 seconds ago


BSE

In the Sensex pack,

Sectorally,

In the broader market, Nifty Midcap50 dropped 0.07% and Smallcap50 fell 0.27%.

Expert Take“The major drag on the market now is the sustained selling by FIIs. FIIs sold for the 10th consecutive day yesterday taking the cumulative selling to Rs 11,400 crore. The underperformers of last year like China and Europe are doing well. Clearly, FII money is chasing lower valuations by selling in overvalued

Prashanth Tapse, Senior VP (Research) at Mehta Equities said, technically, for Nifty the immediate aggressive downside risk is seen at 17,771 mark and then aggressive targets at 17,461 mark. The index will gain strength only if it closes above its high of 18,267 mark, he said.

Global MarketsWall Street's main indexes lost more than 1% on Thursday, with Nasdaq leading the declines, as evidence of a tight labor market eroded hopes that the Federal Reserve could pause its rating hiking cycle anytime soon as it keeps focused on inflation.

The Dow Jones Industrial Average fell 339.69 points, or 1.02%, to 32,930.08, the S&P 500 lost 44.87 points, or 1.16%, to 3,808.1 and the Nasdaq Composite dropped 153.52 points, or 1.47%, to 10,305.24.

Earlier in Asian markets on Friday, Japan's Nikkei rose 0.39%, while South Korea's Kospi jumped 0.77%. Australia's stock benchmark was 0.56% higher.

Currency WatchThe Indian rupee rose 12 paise to 82.50 against the US dollar in early trade on Friday. The dollar index, which tracks the movement of the greenback against a basket of six major world currencies, increased 0.01% to 105.04 level.

Crude ImpactOil prices rose around 1% on Friday, extending gains from the previous trading session after data showed lower fuel inventories following a winter storm that hit the United States at the year end.

Brent crude futures last gained 79 cents, or 1%, to $79.48 a barrel. US West Texas Intermediate crude futures were also up 80 cents, or 1.1%, at $74.47 a barrel.

(With inputs from agencies)

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)

Amid mixed global cues, benchmark equity indices gyrated between gains and losses in Friday's morning session. Gains in index heavyweightsandwere offset by IT stocks.BSE Sensex was trading 114 points or 0.19% higher at 60,463 while Nifty50 was trading at 18,022, up 30 points or 0.17% at around 9.28 am.In the Sensex pack,andwere the top laggards, falling over 0.5%., ICICI Bank,andalso opened with losses. On the other hand,, ITC, Reliance,Bank and HDFC opened with gains.Sectorally, Nifty IT fell 0.61% and Nifty PSU Bank declined 0.54%. At the same time, metal, pharma, healthcare and consumer durables packs were trading in the green.In the broader market, Nifty Midcap50 dropped 0.07% and Smallcap50 fell 0.27%.“The major drag on the market now is the sustained selling by FIIs. FIIs sold for the 10th consecutive day yesterday taking the cumulative selling to Rs 11,400 crore. The underperformers of last year like China and Europe are doing well. Clearly, FII money is chasing lower valuations by selling in overvalued markets like India. This trend might continue imparting weakness in the Indian market,” V K Vijayakumar, Chief Investment Strategist atsaid.Prashanth Tapse, Senior VP (Research) at Mehta Equities said, technically, for Nifty the immediate aggressive downside risk is seen at 17,771 mark and then aggressive targets at 17,461 mark. The index will gain strength only if it closes above its high of 18,267 mark, he said.Wall Street's main indexes lost more than 1% on Thursday, with Nasdaq leading the declines, as evidence of a tight labor market eroded hopes that the Federal Reserve could pause its rating hiking cycle anytime soon as it keeps focused on inflation.The Dow Jones Industrial Average fell 339.69 points, or 1.02%, to 32,930.08, the S&P 500 lost 44.87 points, or 1.16%, to 3,808.1 and the Nasdaq Composite dropped 153.52 points, or 1.47%, to 10,305.24.Earlier in Asian markets on Friday, Japan's Nikkei rose 0.39%, while South Korea's Kospi jumped 0.77%. Australia's stock benchmark was 0.56% higher.The Indian rupee rose 12 paise to 82.50 against the US dollar in early trade on Friday. The dollar index, which tracks the movement of the greenback against a basket of six major world currencies, increased 0.01% to 105.04 level.Oil prices rose around 1% on Friday, extending gains from the previous trading session after data showed lower fuel inventories following a winter storm that hit the United States at the year end.Brent crude futures last gained 79 cents, or 1%, to $79.48 a barrel. US West Texas Intermediate crude futures were also up 80 cents, or 1.1%, at $74.47 a barrel.(With inputs from agencies)(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)