Market continues to fall for third straight day ahead of earnings, US data
The BSE Midcap index fell 0.24 percent while the Smallcap index slipped 0.02 percent.
Indian benchmark indices continued to see selling pressure on January 12 but pared some losses towards the end to 0.2% lower as investors awaited the 2 big IT earnings - Infosys and HCL Tech and US inflation data.
Sensex opened 22 points lower at 60,083.03 but rose 185 points during the day. It quickly reversed the gains falling as much as 473 points to 59,632.32 intraday. At close, Sensex fell 150 points to close at 59,958. Nifty also shed 38 points to end at 17,858.
The BSE Midcap index fell 0.24 percent while the Smallcap index slipped 0.02 percent.
Also read: Infosys Q3 earnings: Key highlights
UltraTech Cement, Larsen & Toubro, HCL Tech, Maruti and Nestle were the top gainers. On the other hand, Reliance Industries, Axis Bank, Tata Motors, Kotak Mahindra Bank and Bharti Airtel lost ground.
“Nifty remained volatile throughout the session with mostly a bearish bias as it closed below the crucial short-term moving average (50 EMA). The daily RSI is in bearish crossover on the daily timeframe, suggesting sluggish momentum. Over the short term, the trend is likely to remain sideways or negative. On the higher end, resistance is visible at 18000. On the lower end, support is visible at 17750," said Rupak De, Senior Technical Analyst at LKP Securities.
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Most sectoral indices ended in red, but IT and Media gained reasonably to end in green. Bank, Oil & Gas, and FMCG tumbled the most in today's session.
Asian equities struggled on Thursday as profit-taking offset optimism ahead of data set to show another softening of US inflation, giving the Federal Reserve room to slow interest rate hikes.
“World stocks held on to modest gains on Thursday on cautious optimism that US inflation data due this evening will confirm inflation is softening lifting pressure on the US Fed to keep raising rates sharply. Nifty marginally breached the support of 17,774 (intra day low 17,762), but recovered well later. The past two days are witnessing recoveries from intra day lows although selling pressure re emerges at higher levels. Nifty could rise some more once it crosses 17976," said Deepak Jasani, Head of Retail Research, HDFC Securities.
The rupee gained 2 paise to close at 81.55 per dollar.
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