News Karnataka
Sunday, April 21 2024

Global cues dent indices; IT stocks fall

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Mumbai: Weak global cues along with profit booking dragged India’s key equity indices lower during Wednesday’s mid-afternoon trade session.

Nonetheless, besides, higher crude oil prices impacted investors’ sentiments.

Notably, Asian shares lost ground on Wednesday. Worries over growth in China affected results. Beyond this combined fears of a global slowdown also set in.

Sector-wise, power, oil and gas and metal indices gained the most. Realty, IT and telecom indices fell the most.

However, power stocks led the gains. Global power shortages have led to buying interest in Indian power stocks.

Consequently, S&P BSE Sensex traded at 59,417.21 points, lower by 250.39 points or 0.42 per cent from its previous close.

Similarly, NSE Nifty50 edged lower. It fell to 17,706.60 points, lower by 42 points or 0.24 per cent from its previous close.

“Weak global cues have led to the softness in the Indian markets. Volumes on the NSE are a little higher than recent average. Advance decline ratio is positive and the broad market indices,” said Deepak Jasani, Head of Retail Research, HDFC Securities.

Thus, “Indian markets watch the European markets for cues.  These could weaken further if the European markets lose their initial gains.”

According to Gaurav Garg, Head of Research, CapitalVia Global Research: “Indian equity benchmarks continue to trade in red in the afternoon session. Both Sensex and Nifty are trading in red .”

“Domestic sentiments impacted by negative cues from other Asian markets. Among sectors, Metal, Realty and Power indices up 1-2 per cent, while selling is seen in the IT, Auto and Banking stocks. BSE mid-cap and small-cap indices are trading marginally higher.”

In addition, Chandan Taparia, Technical and Derivatives Analyst, MOFSL said: “At the current juncture, we are witnessing good momentum in PSU and Pharma space. One can look for opportunities in counters like Sun Pharma and BEL.”

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