Benchmark indices wiped off morning gains, bowing under selling pressure, to close in the red. Weak global market on account of inflation concerns and rising Covid cases in Europe hit investor sentiments back home. The 30-share pack Sensex declined 323.34 points or 0.55 per cent to close at 58,340.99. The headline index gyrated more than 800 points before the close. Its broader peer NSE Nifty fell 88.30 points or 0.50 per cent to 17,415.05. India VIX, a barometer of volatility, dips 5 per cent ahead of F&O expiry.
!1 New UpdateClick here for latest updates
Nifty50 on Wednesday negated its lower high-low formation after five sessions but formed a bearish candle on the daily chart. Analysts believe the headline index could see some consolidation in the coming days. They see the 17,200-level to act as immediate support and the range of 17,600-700 as a key barrier in the coming days. A key Fibonacci level, which is near the 17,600 level, acted as a crucial barrier, said Gaurav Ratnaparkhi, Head of Technical Research at Sharekhan.
Info Edge to invest Rs 30 crore in Greytip Software
Info Edge (India) Ltd on Wednesday said it has entered into an agreement to invest about Rs 30 crore in Greytip Software, a human resources and payroll SaaS (software-as-a-service) company. Info Edge has agreed to acquire 3,58,581 Series-D compulsorily convertible debentures (CCDs) having a face value of Rs 836.631 per Series-D CCD, Info Edge (India) Ltd said in a regulatory filing.
Since there’s no major event on the domestic front, markets will continue to take cues from global counterparts. We suggest continuing with negative bias on the index while keeping a check on leveraged positions.
– Ajit Mishra, Religare Broking
Rupee pares initial losses, settles 2 paise up at 74.40 against USD
The rupee recovered its initial losses and settled 2 paisa up at 74.40 (provisional) against the US dollar on Wednesday, ahead of the release of the minutes of the latest Federal Reserve meeting. At the interbank forex market, the local unit opened on a weak note at 74.53 against the greenback and witnessed an intra-day high of 74.31 and a low of 74.54. It finally ended at 74.40 against the American currency, registering a gain of just 2 paise over its previous close of 74.42.
Out of the 30 Sensex stocks, 24 stocks ended the day in red
Sensex gyrates 825 points, ends 323 pts lower; Nifty below 17,450
Market statistics for today
Gautam Adani has surpassed Mukesh Ambani as Asia’s richest man: ET Now
SORIL Infra, IOB, Central Bvank lead charge as BSE smallcap index rises 1.18%
Asia stock markets decline amid inflation, oil price worries
Asian shares mostly fell Wednesday as worries about inflation set off expectations the U.S. Federal Reserve might move faster than anticipated to raise interest rates. Japan’s Nikkei 225 dropped 1.6% to finish at 29,302.66, following a national holiday Tuesday, as technology…
Read More: Stock Market Highlights Today: Nifty forms a bearish candle on daily