Mumbai, Oct 22 (SocialNews.XYZ) Indian benchmark equity indices ended lower for the third consecutive session on Thursday as a rise in crude oil prices heightened concerns over the inflation outlook and dampened investor sentiment.
The Sensex declined 460.30 points, or 0.62 per cent, to close at 73,249.39, while the Nifty fell 123.70 points, or 0.54 per cent, to settle at 22,687.65.
Commenting on Nifty technical outlook, experts said that the index managed to close above its 200-WMA following the CAS session; however, the overall sentiment and price structure remain weak.
"The index faced strong selling pressure near its 20-DMA and failed to sustain above this crucial resistance zone. Long positions accumulated during the mean reversion rally should be reviewed if the index closes below 22,600 and its 200-WMA," analysts stated.
"On the upside, immediate resistance is placed at 22,800 (20-DMA zone) and 23,000, while 22,600 remains a crucial support. A cautious, level-based trading approach is advisable," market watchers noted.
Selling pressure was visible across key sectors, with information technology, FMCG, and media stocks emerging as the biggest drags on the market.
In contrast, the pharmaceutical sector outperformed broader markets, with the Nifty Pharma index ending higher despite the overall weakness.
Among Nifty constituents, Nestle India, Eternal, and HDFC Life Insurance Company were the top losers of the session.
The weakness extended beyond frontline indices to the broader market as well. The Nifty MidCap 100 index slipped 0.87 per cent, while the Nifty SmallCap 100 index fell 1.17 per cent.
Experts said that market participants remained cautious amid elevated crude oil prices, which could potentially add to inflationary pressures and impact future interest rate expectations.
Meanwhile, Rupee traded weak, declining around 30 paise to 94.81, as crude oil prices remained above $110 and weak sentiment in secondary markets weighed on the currency.
"Going ahead, geopolitical developments and crude oil movements will remain key drivers, with the rupee range seen between 94.45–95.25," analysts noted.
Source: IANS
Gopi Adusumilli is a Programmer. He is the editor of SocialNews.XYZ and President of AGK Fire Inc.
He enjoys designing websites, developing mobile applications and publishing news articles on current events from various authenticated news sources.
When it comes to writing he likes to write about current world politics and Indian Movies. His future plans include developing SocialNews.XYZ into a News website that has no bias or judgment towards any.
He can be reached at gopi@socialnews.xyz
This website uses cookies.
