News India Live, Digital Desk: Indian Stock Market: The domestic benchmark index open on Friday amid mixed global signals. In early trade, selling was seen in IT, financial services and pharma sectors.
At around 9.29 am, the Sensex fell 231.64 points or 0.28 per cent to 82,299.10, while the Nifty was 49.95 points or 0.20 per cent to 25,012.15.
The Nifty Bank was 52.40 points or 0.09 percent to 55,303.20. The Nifty Midcap 100 index was trading at 56,700.05 with a gain of 169.20 points or 0.30 percent. The Nifty Smallcap 100 index was up 78.45 points or 0.46 percent to 17,318.40.
According to analysts, on the technical front, the Nifty created a strong boom candle on the daily chart, which broke the internal bar pattern and closed above the critical level of significant 25,000.
Choice Broking’s Hardik Matalia said, “The index saw an intraday recovery of about 200 points, which reflects the continuous boom. Immediate support is at 24,850-24,700, while resistance is being seen at 25,100 and 25,235. A decisive brakeout index can take 25,500-25,743 with a level of 25,235.”
He said that traders are advised to adopt a strategy of “purchase on decline” with strict risk management and to avoid taking a large position overnight due to existing global uncertainties.
Meanwhile, Bharti Airtel, IndusInd Bank, SBI, Infosys, HCL Tech and M&M were the most damaged in the Sensex pack. While UltraTech Cement, Bajaj Finserv, NTPC, Maruti Suzuki and Axis Bank were the most profitable.
In the Asian markets, China, Hong Kong and Japan were trading in the red mark, while Bangkok, Jakarta and Seoul were trading in green mark.
In the last trading session, Dow Jones in the US gained 271.69 points, or 0.65 per cent, to close at 42,322.75. S&P 500 closed at 5,916.93 at 5,916.93 and Nasdaq fell at 19,112.32 with a decline of 34.49 points, or 0.18 per cent, at 19,112.32.
The April economic figures present an interesting mixture of signs about the American economy. The productive price index (PPI) showed a surprising decline of 0.5 percent, which was quite different from the expectations of economists 0.2 percent. Experts said that this unexpected decline in productive prices suggests that inflation pressure at the wholesale level could be reduced.
Prime Research Head of HDFC Securities, Devarsh Advocate said, “Federal Reserve Chairman Jerome Powell discussed the Fed outline review on Thursday, which is a twice review on the central bank’s monetary-strategy.
On the institutional front, foreign institutional investors (FIIs) were pure buyers of equity worth Rs 5,392.94 crore on 15 May, while domestic institutional investors (DIIs) sold equity worth Rs 1,668.47 crore.
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