Stocks started the day on a downswing as both the Sensex and Nifty began in negative territory. The Sensex fell by 152.66 points to kick off at 72,990.14, while the Nifty saw a decrease of 51.55 points, opening at 22,161.15. This negative sentiment persisted as 34 companies in the Nifty declined, outweighing the 16 that advanced. Notable gainers included Power Grid, Cipla, Dr Reddy, Adani Enterprises, and LT, while Asian Paints, Titan, HDFC Life, LTIMindtree, and Tech Mahindra were among the top losers.
Varun Aggarwal, the founder and managing director of Profit Idea, stated that despite the initial drop, the Nifty 50’s short-term upward trend remains intact. Analysts anticipate a minor dip in the coming week, potentially presenting a buying opportunity. Immediate support for the Nifty is expected at 22,040 levels. Options data indicates significant call open interest at 22,300 and 22,500 strikes, with notable put open interest at 22,200 and 22,000 strikes.
Looking globally, the US stock market had a mixed session, with slight declines in the Nasdaq Composite and S&P 500, while the Dow Jones Industrial Average edged higher. The US Dollar Index saw a marginal increase, trading at 103.97. West Texas Intermediate (WTI) and Brent crude prices experienced slight declines, trading at USD 76.32 and USD 81.48, respectively.
In Asia-Pacific trading, markets showed mixed performance. The Asia Dow was up by 0.25 per cent, Nikkei 225 in the green by 0.39 per cent, Hang Seng index down by 0.10 per cent, and Shanghai Composite up by 0.55 per cent.
Foreign institutional investors purchased shares worth a net Rs 1,276.1 crore, while domestic institutional investors bought shares worth a net Rs 176.7 crore on February 23, 2023, according to NSE data.
As the trading day progresses, market participants will closely monitor both domestic and global developments for cues on market direction and investor sentiment.
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