Indian Stock Market Snaps Winning Streak Amid Global Weakness

Indian Stock Market Snaps Winning Streak/Pixabay

VoM News Desk | March 26, 2024 | 10:50 PM IST | Breaking News | Follow on Google News

Indian Stock Market Snaps Winning Streak Amid Global Weakness

Indian Stock Market Snaps Winning Streak Amid Global Weakness

The Nifty 50 and the Sensex halted their three-day winning streak on Tuesday, influenced by weak global cues. Investors’ risk appetite remained low, with no fresh triggers in sight.

Factors Impacting Market Sentiment

Uncertainty surrounding the timing of interest rate cuts by the Federal Reserve continued to weigh on market sentiment. Moreover, with only three trading days this week, low trading volume suggested a lack of significant momentum and direction.

Market Performance

The Sensex opened lower and remained in negative territory throughout the session, closing down by 362 points or 0.50%. Among Sensex stocks, Power Grid, Bharti Airtel, and Wipro emerged as the top losers.

Nifty 50 Movement

The Nifty 50 also opened lower and closed with a loss of 92 points or 0.42%. However, the midcap segment saw healthy traction, with the BSE Midcap index rising by 0.71%.

Stock Movements

Several stocks hit fresh 52-week highs, including Colgate Palmolive, DMart, and IndiGo, while others like Hindustan Unilever and GMM Pfaudler hit fresh lows.

Sectoral Performance

Nifty Media witnessed the highest loss among sectoral indices, while Nifty Realty saw a significant jump. Nifty Bank and Private Bank indices declined, while PSU Bank index rose marginally.

Expert and Technical Views

Vinod Nair from Geojit Financial Services anticipates volatility due to reduced trading volumes and monthly expiry. Rupak De, Senior Technical Analyst at LKP Securities, suggests a positive short-term trend for Nifty with support at 21,840 and resistance at 22,240-22,300.

VoM News Desk

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