Last Updated: (*10*)February 27, 2023, 14:33 IST
Bears have been in tight grip of the Dalal Street in the previous seven buying and selling classes. In this time, BSE Sensex has crashed from round 61,319 to 58,900 ranges, logging round 2,500 factors dip or 4 per cent loss in this time. The broader Nifty50, which additionally noticed 7 days of continuous promoting, stooped beneath the Budget day low of 17,353.40.
Fear gauge index India VIX shot up one other 5 per cent as promoting was seen throughout sectors. Sectoral indices of IT, metals and media misplaced between 2-4 per cent every.
Santosh Meena, Head of Research, Swastika Investmart Ltd., stated: “Nifty has slipped beneath its key help of 17350, which is its 200-DMA in addition to the finances day’s low. However, we should always await an in depth as a result of if this breakdown is false, we are able to count on a brief overlaying transfer. There is a pointy divergence between the Nifty and Banknifty at this time, with Banknifty exhibiting respectable power whereas the Nifty is underneath stress. Financial institutionNifty is a number one indicator in common, and the market is oversold based mostly on FIIs’ quick publicity and PCR, so we should always await the day’s shut. However, if Nifty doesn’t recuperate, then 17130 is the following goal stage.”
US Fed meeting in focus
Speaking on the reason for dip in Sensex and other benchmark indices, Anuj Gupta, Vice President — Research at IIFL Securities said, “Sensex and other key benchmark indices are falling for the last seven sessions because of the rising US dollar rate. In last seven sessions, US Dollar Index has risen above 105 levels and it may go up to 107 levels in near term. Major reason for US dollar gaining strength is rising US inflation concern after stronger than expected US economic date in recent weeks. This has raised concerns of US Fed officials and they are dropping hint to raise US Fed interest rates by 25 bps in upcoming three US Fed meetings.”
Global Markets
Indian markets are reflecting bearish sentiments dominating international markets. The Dow Jones fell 3% final week in its fourth straight weekly decline. Asian markets have been underneath stress this morning, with Nikkei down 0.2%, Hang Seng misplaced 0.8% and Australia’s S&P/ASX 200 shed 1.3%.
Read all of the Latest Business News right here
