Market continues to fall for third straight day ahead of earnings, US data

Market


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.

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.

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.


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