ICICI Bank, TCS, Cipla, Grasim and Bajaj Finserv Share Prices Decline; NSE Nifty Slips Further
Indian markets are expected to remain under pressure today but there is also a chance of support from lower levels. Traders should be cautious as NSE Nifty could see further downside. Yesterday’s session witnessed a major decline compared to broadly positive trade in the last few sessions. US markets closed slightly negative after US Federal Reserve meeting but Nasdaq witnessed a 1.5 percent decline. Traders are concerned as US Federal Reserve has indicated that rate cuts won’t start anytime soon. The policy rate remained unchanged in yesterday’s Federal Reserve meeting.
As the mood in the global markets has turned cautious, we could see further decline in Indian markets. The short term trend in negative but we can also see support from lower levels for NSE Nifty. The recent rally has taken major indices to their all-time highs and a 5-10 percent correction would even be considered healthy by majority of market participants. We haven’t seen any major correction in Indian equities for the last few months.
In today’s session, ICICI Bank was among major losers with stock slipping by 2.2 percent, followed by technology major TCS, HCL Technologies and Wipro. Mahindra & Mahindra stock was down by 1.2 percent in early trades.
Among major gainers in early trade were Adani Enterprises, Adani Ports, Hindalco, BPCL, HDFC Life, Dr Reddy’s, SBI and Tech Mahindra.
NSE Nifty was down by 0.75 percent at 19752. Nifty could take support at 19650 and 19580. Any recovery in the markets could be used as an option to exit by traders. The session could remain volatile. The closing would largely depend on US futures.