Indian equity benchmarks ended marginally lower on Wednesday after witnessing high volatility, as markets recovered sharply from significant intraday losses amid mixed global cues and persistent foreign fund outflows.
The SENSEX closed lower by 122.52 points or 0.16 per cent at 76,171.08, while the NIFTY50 declined by 26.55 points or 0.12 per cent to end at 23,045.25.
The market’s V-shaped recovery was particularly noteworthy, with the Nifty bouncing back by 346 points from its intraday low near 22,800. “A gradual recovery in select heavyweight stocks helped trim losses as the day progressed,” noted Mr. Ajit Mishra, SVP, Research at Religare Broking Ltd.
“The Indian market saw a slight recovery from the sharp intraday declines; however, overall sentiment remained weak due to elevated broader market valuations and muted Q3 earnings growth,” said Vinod Nair, Head of Research at Geojit Financial Services.
trade within the ₹84,500–₹85,650 range,” observed Jateen Trivedi of LKP Securities. The precious metal’s movement remains closely tied to interest rate expectations and upcoming US inflation data.
Trading volumes in the NSE cash market showed robust activity, rising 20 per cent compared to the previous session, indicating strong participation despite the market volatility. The market’s recovery was particularly evident in the broader indices, with the Midcap index bouncing back 2.8 per cent and the Smallcap index surging 3.5 per cent from their respective intraday lows, though both ended the day marginally lower.
Looking ahead, experts advise caution given the persistent selling by foreign institutional investors and mixed earnings season. The market will likely remain focused on global cues and upcoming economic data for further direction.
source: BusinessLine
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