Local Markets Show Flat Trading; Sensex and Nifty Fluctuate Amid Crude Oil Concerns
Status of Sensex and Nifty
Local markets continue to trade flat as the Sensex was down 77 points or 0.1 percent at 81,844, while Nifty decreased by 26 points, reaching 25,015. Investors await vital US consumer inflation reports this evening, which could influence the Federal Reserve's impending decisions.
Market Influences
- Brent crude prices have dipped below $70, impacting upstream companies.
- Tata Motors is among the laggards after UBS's bearish outlook.
- Trading volume showcased 1,599 advancing stocks against 793 declining.
On a technical front, reports from Centrum suggest that Nifty may find support at 24,900, with significant drop potential if this level falters.
Sector Performance
In sectoral terms, indices like Auto, Realty, Banking, and Metals saw notable declines.
- Hero MotoCorp and Tata Motors faced losses, declining up to 4 percent.
- Contrastingly, ITC, Nestle, and Asian Paints showed positive movement on the index.
Oil marketing companies benefitted from lower input costs owing to the decline in crude prices.
Global Market Overview
Mixed performance characterized global markets as traders interest shifted to key economic data releases. US markets felt the strain as the Dow Jones retreated by 0.2 percent driven by banking sector weaknesses. Asian indices mirrored this trend, influenced by Japan and South Korea's economic indicators.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.