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  • Nifty 50

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Brace yourself for yet another stormy day!

Karan DSIJ
·2-min read

The global markets are witnessing selling pressure and this is sure to spill on the Indian shores as well. In the early trends, SGX Nifty is indicating that the Indian markets are in for a big gap down opening as SGX Nifty trades at 11,012.50 levels down by over 1 per cent. Today, being the monthly F&O expiry day, expect volatility to play its part and in light of this, we would advise traders to follow strict money management rules for day trading.  

Asian peers are reeling under selling pressure on the back of a landslide fall on Wall Street during the overnight trade. Hong Kong’s Hang Seng and China’s Shanghai Composite were down over a per cent, while Japan’s Nikkei lost 0.57 per cent.

It was a roller-coaster ride for the Indian benchmark indices on Wednesday as after opening on an upbeat note, indices not only erased its early gains but also, slipped below the previous session; however, recovery from lower levels helped the indices to end with modest losses. In the end, Nifty dropped 0.20 per cent while Sensex slipped 0.17 per cent. A mixed trend was seen in the broader markets, where Nifty Mid-cap ended lower by 0.33 per cent, while Nifty Small-cap ended flat. On the sectoral front, the majority of the sectors ended in red with Nifty Media and Nifty Pharma being the top losers. On the other hand, Nifty Bank and Nifty Financial Services ended as the top gainers.  

The stocks on Wall Street ended in a sea of red on Wednesday as Service PMI dipped to 54.6, which was poorer than the last month’s reading, and a sell-off in tech-heavy stocks amplified the pain. Tech-heavy Nasdaq was the worst performer as it nosedived 3 per cent, followed by S&P 500 and Dow with 2.4 per cent and 1.9 per cent, respectively. Meanwhile, European markets settled Wednesday’s session with gains aided by a rosy economic data where Manufacturing PMI jumped to a 26-month high and came better than estimates.