Sensex-Nifty started with a decline amid global weakness – Dainik Savera Times

Mumbai: In line with the weak sentiments prevalent in the global market, India’s stock market indices, Sensex and Nifty, started trading lower on Wednesday. Early trends in GIFT Nifty also point to a negative start for the Indian benchmark index, reflecting a cautious mood among investors. At the opening bell, the Sensex started 103.77 points lower at 73,573.37, while the Nifty 50 witnessed a decline of 36.35 points to start at 22,319.95.

This initial decline in the indices indicates the prevailing bearish sentiment affecting the market dynamics. Among Nifty companies, the market saw 16 gains and 34 declines, indicating a mixed performance across sectors. Notable gainers included SBI Life, Bajaj Auto, Coal India, Reliance and Kotak Bank, while Apollo Hospitals, Tech Mahindra, TCS, Wipro and Dr Reddy’s were among the top losers.

Varun Agarwal, Founder and Managing Director, Profit Idea, said, “Nifty 50 displayed a small negative candle with slight upper and lower shadow on the daily chart, indicating minor downside along with increased volatility. “However, positive chart patterns such as higher tops and lower lows remain intact, indicating the possibility of a sustained bounce from lower levels.”

Examining the Nifty Open Interest (OI) data, the highest OI on the Call side was seen at 22,500 and 22,800 strike prices, while the highest OI on the Put side was at 22,200 strike price. For a possible rally towards 22,600 and beyond, Nifty 50 needs to decisively break 21,400 levels with support at 22,200.

There is caution in Asian markets on Wednesday due to softness in stock markets. Chinese shares suffered losses as investors expressed disappointment over the lack of significant stimulus measures from Beijing. Meanwhile, Wall Street’s major indexes fell more than 1 percent overnight, hit by weakness in megacap growth companies like Apple and the chip sector, which particularly hit the tech-heavy Nasdaq.

Investors around the world are closely monitoring US economic data and speeches from policymakers to gauge the timing of a possible rate cut by the Federal Reserve. Fed Chairman Jerome Powell’s testimony on Wednesday holds key importance, with market participants eagerly awaiting his insights, although he is expected to maintain his current stance.