Sensex Today | Nifty 50 | Stock Market Live Updates: The GIFT Nifty is hinting at a positive start after four straight sessions of heavy selling, providing Dalal Street a potential breather at the opening bell. However, traders are still not ready to get aggressively bullish just yet. Overall sentiment is nervous and fragile with rising crude oil prices, a record-weak rupee, continued FII selling and tensions in West Asia.
Nifty has already lost nearly 800 points in the last two sessions and has slipped into oversold territory. Bulls will want to see today’s session go a long way towards regaining some control. Traders will be looking for the index to reclaim and stay above the key 23,500 level. The downside is that the key support zones on the radar are still 23,200 and 23,000.
There is enough to trigger a market move this morning. Investors will eye the hike in customs duty on gold and silver imports, India’s inflation print hitting a 13-month high and a busy Q4 earnings calendar. Market concerns are also being fuelled by crude oil prices, which are still hovering at $108 a barrel, and the rupee, which is inching closer to the 96-per-dollar mark.
Bank Nifty has also been under pressure and is down by close to 4,000 points from April highs. Jewellery stocks, power names and pharma counters are to remain active through the session. Reactions to earnings from Dr Reddy’s, Dixon Technologies, Tata Power and Torrent Power will also be watched.
Bharti Airtel, Cipla, HPCL, Power Finance Corporation, among others, will be in focus as they announce quarterly results today.
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