Business

Indian Equity Markets Show Early Losses Amid Mixed Asian Cues

Indian equity markets opened on a weaker note on Wednesday, reflecting a subdued start influenced by mixed signals from Asian counterparts.

At 9:43 AM, the Sensex registered a decline of 114 points, or 0.14%, trading at 80,688, while the Nifty fell by 13 points, or 0.05%, to 24,685.

The banking sector experienced significant pressure in early trading, with the Nifty Bank index dropping 116.60 points, or 0.23%, to stand at 50,686.

Choice Broking’s analyst observed that after a flat start, Nifty is likely to find support around 24,600, with additional support at 24,550 and 24,500. They also anticipate resistance levels at 24,800, followed by 24,850 and 24,900.

Among the sectors, banking, IT, financial services, real estate, and services are showing declines on the NSE, while metals, FMCG, pharmaceuticals, and media sectors are experiencing gains.

In the Sensex index, top gainers include L&T, Bajaj Finserv, Bharti Airtel, Nestle, ITC, HUL, Sun Pharma, NTPC, JSW Steel, SBI, and Tata Steel. Conversely, UltraTech Cement, Tech Mahindra, ICICI Bank, Kotak Mahindra, HDFC Bank, HCL Tech, and M&M are among the major decliners.

Market Experts Note Shift To Fairly Valued Sectors; Anticipate Continued Rebalancing

Market experts observed a shift in investor focus from overvalued sectors to those deemed fairly valued. They noted that financials are experiencing value buying, while sectors like railways and defense, previously overvalued, are facing profit booking. This rebalancing is seen as a positive trend and is expected to continue.

Experts also mentioned that market prices cannot perpetually rise and that periodic corrections are normal and expected.

Asian markets presented a mixed picture, with Bangkok and Jakarta showing bullish trends, while Tokyo, Shanghai, Hong Kong, and Seoul experienced declines.

The US markets also closed lower on Tuesday due to profit-taking at higher levels.

Crude oil prices are holding steady, with Brent crude at $77.10 per barrel and WTI crude at $73.03 per barrel.

Foreign Institutional Investors (FIIs) sold equities worth Rs 1,457 crore on 20 August, while Domestic Institutional Investors (DIIs) purchased equities worth Rs 2,252 crore on the same day, reflecting a dynamic shift in market participation.

Also Read: Teacher Arrested For Allegedly Molesting Students In Akola Amid Badlapur Abuse Controversy

Mankrit Kaur

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