Welcome to a fresh episode of ET Market Watch! 📈📊
Hey crypto enthusiast! Are you ready for your daily dose of market updates, stock movements, trends, and more? Dive in with your host Neha V Mahajan as we explore the latest developments in the financial world. Let’s get started!
Market Close Updates 📉📈
The market saw positive movements today, with Sensex and Nifty closing in the green. This was attributed to a less hawkish stance on interest rates by the Fed and a drop in global oil prices, easing domestic inflation concerns.
- Sensex closed at 74,611
- Nifty closed at 22,648
Fed’s Stance on Interest Rates 🏦
The Federal Reserve Chair, Jerome Powell, indicated that a rate hike was unlikely but mentioned that a rate cut could be considered if inflation eases further in the economy.
Gainers and Losers 💹
Top gainers for the day included BPCL, Power Grid, Asian Paints, and Bajaj Auto, while Kotak Bank, Tata Consumers, Airtel, and Axis Bank were among the top losers.
- Top Gainers: BPCL, Power Grid, Asian Paints, Bajaj Auto
- Top Losers: Kotak Bank, Tata Consumers, Airtel, Axis Bank
Impact on Sectors 📊
The Nifty IT index remained flat following the Fed’s decision. The IT sector in India has been affected by higher interest rates, leading to reduced client spending in the U.S., a key market for the industry.
Oil Prices and Inflation 🛢️
Global oil prices dropped to a nearly 7-week low, providing relief for inflation concerns in India, a significant importer and consumer. The Nifty Oil & Gas index saw a gain of 0.8%, with companies like HP and BP witnessing positive growth.
Stocks in Focus 📈🔍
Kotak Mahindra Bank experienced a 3% decline and emerged as the top loser on Sensex following the resignation of the Joint MD, KVS Manian.
Technical Outlook 🔍
According to Jatin Gedia, a Technical Research Analyst at Sharekhan, the Nifty has shown consolidation after a previous sell-off. The key resistance level is at 22,700, while 22,450 serves as a crucial support in the short term. Expect the Nifty to continue moving within this range in the upcoming trading sessions.
Hot Take 🔥📝
Stay tuned for more updates and insights on the financial markets. Remember, market movements can be unpredictable, so always stay informed and make well-informed decisions. Until next time, happy trading!
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