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Sunday, April 21, 2024

Sensex-Nifty dips in early trading after rising for five consecutive sessions as the stock market begins in the red

<p>Tuesday’s opening of the equity market was lackluster, with the Sensex falling around 80 points as a result of sluggish trends in Asian markets and dwindling prospects of early interest rate reductions internationally.</p>
<p><img decoding=”async” class=”alignnone wp-image-423730″ src=”https://www.theindiaprint.com/wp-content/uploads/2024/02/theindiaprint.com-sensex-nifty-dips-in-early-trading-after-rising-for-five-consecutive-sessions-as-t.jpg” alt=”theindiaprint.com sensex nifty dips in early trading after rising for five consecutive sessions as t” width=”1074″ height=”604″ title=”Sensex-Nifty dips in early trading after rising for five consecutive sessions as the stock market begins in the red 3″ srcset=”https://www.theindiaprint.com/wp-content/uploads/2024/02/theindiaprint.com-sensex-nifty-dips-in-early-trading-after-rising-for-five-consecutive-sessions-as-t.jpg 715w, https://www.theindiaprint.com/wp-content/uploads/2024/02/theindiaprint.com-sensex-nifty-dips-in-early-trading-after-rising-for-five-consecutive-sessions-as-t-390×220.jpg 390w, https://www.theindiaprint.com/wp-content/uploads/2024/02/theindiaprint.com-sensex-nifty-dips-in-early-trading-after-rising-for-five-consecutive-sessions-as-t-150×84.jpg 150w” sizes=”(max-width: 1074px) 100vw, 1074px” /></p>
<p>The 30-share Sensex fell 0.11 percent, or 79.66 points, to 72,628.50 points after rising for five consecutive days. 16 components were down, with Mahindra & Mahindra plunging more than 1%.</p>
<p>The larger Nifty was also seeing negative trade, falling 34.15 points, or 0.15 percent, to 22,088.10 points. Within the Nifty pack, up to 28 scrips were in the negative.</p>
<p>“As even a wider-than-expected interest rate drop in China failed to thrill investors weary of the absence of broader stimulus measures, Asian markets were trapped below one-and-a-half-month highs. After reaching an all-time high on the intraday charts, Nifty closed higher for the sixth consecutive session, according to Deepak Jasani, Head of Retail Research at HDFC Securities.</p>
<p>On Monday, the markets saw increases for the fifth straight trading day. The Sensex increased by 281.52 points, or 0.39 percent, to conclude the day at 72,708.16 points, while the Nifty ended at an all-time high of 22,122.25 points, up 81.55 points, or 0.37 percent.</p>
<p>As expectations of early interest rate reductions waned and US markets were closed, stocks suffered globally.</p>
<p>As the damage from last week’s UK GDP data—and the announcement that the UK entered a recession at the end of last year—continues to resonate, Jasani added, “European markets and the FTSE were mixed in London.”</p>
<p>Foreign Portfolio Investors were net sellers as the local market finished higher for the sixth session in a row, offloading shares valued at Rs 754.59 crore, according to exchange data.</p>
<p>According to Jasani, the markets may now correct or consolidate for a while before the Nifty gets ready for the next up move. The Nifty may encounter resistance from the 22,187 level, while the 21,954 level may provide support in the short run.</p>

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