Weak global cues pull Sensex, Nifty lower in early trade

Weak global cues pull Sensex, Nifty lower in early trade

Updated: 5 days, 22 hours, 59 minutes, 3 seconds ago


was trading 387 points or 0.63% lower at 60,586 while Nifty50 was trading at 17,992, down 126 points or 0.69% at around 9.23 am.

In the

Meanwhile,

Sectorally,

“The 18200 Nifty has become a major resistance level which is keeping the Nifty in the narrow band of 17800-18200. Now, it appears that a major trigger is necessary to break this range either on the upside or the downside,” V K Vijayakumar, Chief Investment Strategist at

Two major events of February 1st - the Union Budget and the Fed decision on interest rate - have the potential to break this narrow range, Vijayakumar added.

Global MarketsWall Street stocks were mixed at the end of a choppy session Tuesday as investors digested an uneven set of results from US corporate giants including Verizon and 3M.

The Dow Jones Industrial Average finished up 0.3% at 33,734. The broad-based S&P 500 slipped 0.1% to 4,017, while the tech-rich Nasdaq Composite Index dropped 0.3% to 11,334.

Meanwhile, Asian equities extended their winning run to scale their highest levels in seven months on Wednesday.

Nikkei gained 0.1% and Singapore jumped 1.7%. Trading volume was depressed as Chinese and Taiwan markets were closed for holidays.

Currency WatchThe Indian rupee rose by 0.14% to 81.61 against the US dollar in early trade.

The dollar index, which tracks the movement of the greenback against a basket of six major world currencies, declined 0.02% to 101.89 level.

Crude PriceCrude oil prices rebounded on Wednesday as demand recovery hopes in top importer China following its exit from COVID-19 pandemic curbs provided support after prices dropped in the previous session on concerns about global economic growth.

Brent crude futures gained 0.42%, to $86.50 per barrel. US West Texas Intermediate (WTI) crude futures rose 0.32%, to $80.39 per barrel.

(With inputs from agencies)

Indian equity indices opened in the red on Wednesday, following negative cues from global peers. Selling was seen across all sectors barring auto stocks. BSE Sensex was trading 387 points or 0.63% lower at 60,586 while Nifty50 was trading at 17,992, down 126 points or 0.69% at around 9.23 am.In the Sensex pack, L&T,andfell about 0.5-1%., HDFC,and SBI also opened with cuts.Meanwhile,and M&M opened higher.Sectorally, Nifty PSU Bank fell 0.52% and Nifty IT plunged 0.44%. Nifty Financial Services and Nifty Consumer Durables also opened lower. Whereas in the broader market, Nifty Smallcap50 declined 0.38% and Nifty Midcap50 dropped 0.49%.“The 18200 Nifty has become a major resistance level which is keeping the Nifty in the narrow band of 17800-18200. Now, it appears that a major trigger is necessary to break this range either on the upside or the downside,” V K Vijayakumar, Chief Investment Strategist atsaid.Two major events of February 1st - the Union Budget and the Fed decision on interest rate - have the potential to break this narrow range, Vijayakumar added.Wall Street stocks were mixed at the end of a choppy session Tuesday as investors digested an uneven set of results from US corporate giants including Verizon and 3M.The Dow Jones Industrial Average finished up 0.3% at 33,734. The broad-based S&P 500 slipped 0.1% to 4,017, while the tech-rich Nasdaq Composite Index dropped 0.3% to 11,334.Meanwhile, Asian equities extended their winning run to scale their highest levels in seven months on Wednesday.Nikkei gained 0.1% and Singapore jumped 1.7%. Trading volume was depressed as Chinese and Taiwan markets were closed for holidays.The Indian rupee rose by 0.14% to 81.61 against the US dollar in early trade.The dollar index, which tracks the movement of the greenback against a basket of six major world currencies, declined 0.02% to 101.89 level.Crude oil prices rebounded on Wednesday as demand recovery hopes in top importer China following its exit from COVID-19 pandemic curbs provided support after prices dropped in the previous session on concerns about global economic growth.Brent crude futures gained 0.42%, to $86.50 per barrel. US West Texas Intermediate (WTI) crude futures rose 0.32%, to $80.39 per barrel.(With inputs from agencies)