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| Photo Credit: Paul Noronha
Equity market opened on a lacklustre word on February 20, with Sensex declining practically 80 factors monitoring muted developments in Asian shares and fading expectations of early rate of interest cuts globally.
After gaining for 5 straight classes, the 30-share Sensex dropped 0.11% or 79.66 factors to 72,628.50 factors and 16 constituents had been in the pink, with Mahindra & Mahindra falling over 1%.
The broader Nifty too was buying and selling in the pink, slipping 0.15% or 34.15 factors to 22,088.10 factors. As many as 28 scrips in the Nifty pack had been in the detrimental territory.
“Asian shares were pinned below 1-1/2 month highs on Tuesday as even a larger-than-expected interest rate cut in China failed to excite investors jaded at the lack of bigger stimulus measures. Nifty ended higher for the fifth straight session, after hitting an all-time high on the intraday charts,” Deepak Jasani, Head of Retail Research at HDFC Securities, mentioned.
Recording positive factors for the fifth consecutive buying and selling session on Monday, Nifty closed at an all-time excessive of twenty-two,122.25 factors, up by 81.55 factors or 0.37% whereas Sensex climbed 281.52 factors or 0.39% to finish the day at 72,708.16 factors.
On Monday, globally, shares struggled after hopes of early rate of interest cuts pale, and U.S. markets had been closed.
“European markets and the FTSE were mixed on Monday in London, as the fallout from last week’s UK GDP data — and the news that the UK fell into a recession at the end of last year — continues to reverberate,” Jasani mentioned.
On Monday, when the home market closed greater for the fifth straight session, Foreign Portfolio Investors (FPIs) had been internet sellers as they offloaded shares price ₹754.59 crore, in response to trade knowledge.
Jasani famous that markets may now right or consolidate for a while earlier than Nifty prepares for the subsequent up transfer and that Nifty may face resistance from 22,187 stage whereas 21,954 stage may provide help in the close to time period.
