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Live: Indian equities in reverse gear; Sensex negative for 2024| Fed to hit pause again| Opening Bell

Indian equity benchmarks are poised to open higher as indicated by the GIFT Nifty. Global cues are strong ahead of the US federal Reserve’s rate decision later tonight. Amid the selloff on March 19, the Sensex gave up YTD gains, while the Nifty slipped to a 1 month low. With the increasing weakness in the market after the breaking down of the consolidation range as well as upward sloping support trendline and 50-day EMA (exponential moving average placed at 21,865), the market participants seem to be cautious now. If the Nifty fails to hold on to the 21,800 in the coming sessions, it is likely to extend a southward journey, initially towards 21,700 and then 21,500, experts said, adding that in the case of a bounce back, the index may face resistance at 22,000 and 22,200 levels. On March 19, the BSE Sensex lost 736 points or 1.01 percent to end the day at 72,012, while the Nifty 50 fell 238 points or 1.08 percent to 21,817. The Nifty Midcap 100 and Smallcap 100 indices declined 1.2 percent each on weak breadth. Among stocks in news watch out for TCS, Vodafone Idea. Catch Nandita Khemka in conversation with Rajesh Palviya · Senior Vice President Research - Head Technical & Derivatives at Axis Securities and Siddhartha Khemka, Head of Retail Research, Broking & Distribution, MOFSL.

first published: Mar 20, 2024 09:07 am