Markets continue to be under pressure, tracking uncertain global cues. The BSE Sensex and NSE Nifty fell for the second day in a row after a brief respite on Friday and Monday.
According to analysts, foreign investors are unrelenting in their selling. FIIs offloaded equities worth ₹1,816.91 crore on Wednesday, provisional data revealed. In October and September, they sold shares worth over ₹25,000 crore and ₹14,760 crore, respectively.
While Sensex lost 283.60 points or 0.44 per cent to end at 63,591.33, Nifty declined by 90.45 points or 0.47 per cent to 18,989.15.
For Nifty, yesterday’s close 19,079 acted as a resistance and the 19,000 acted as a support for most of the session. However, the selling pressure intensified at the fag end of the session, dragging the index below the psychological 19,000 level. On Tuesday, S&P BSE Sensex settled 0.37 per cent lower at 63,874.93.
Mixed domestic cues
Notably, neither 13 per cent y-o-y growth in October GST collections at ₹1.72-lakh crore nor robust automobile sales failed to cheer the investors as they preferred to remain on the sidelines ahead of the US Federal Reserve’s interest rate decision, analysts said.
On the other hand, the eight core industries’ output growth eased in September 2023 to 8.1 per cent, lower than August’s 14-month high of 12.1 per cent.
Gainers/losers
While Sun Pharma (2.61 per cent), BPCL (2.22 per cent), HDFC Life (0.87 per cent), Hindalco (0.64 per cent) and Tata Consumer Products (0.47 per cent) were the top gainers among the Nifty50 constituents, Adani Enterprises (3.43 per cent), Coal India (2.32 per cent), Tata Steel (2.19 per cent), SBI Life (2.13 per cent), Adani Ports (2.01 per cent) were the major laggards.
In Asian markets, equity markets in Seoul, Tokyo and Shanghai gained, while Hong Kong ended lower.
Market Depth
On BSE, out of the 3,783 stocks, 1,575 stocks advanced, while 2,090 declined on Wednesday and 118 stocks remained unchanged.
On consolidation mode
According to Nagaraj Shetti, Technical Research Analyst, HDFC Securities, the short-term trend of Nifty continues to be weak.
“The Nifty is expected to slide down to the lower support of 18850 levels (200 day EMA) once again before showing another round of upside bounce from the lows. Any intra-week up move from here could encounter resistance around 19100 levels,” Shetti said.