Impact of global selling on domestic market; Sensex, Nifty fall
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New Delhi (Uttam Hindu News): Vinod Nair, head of research at Geojit Financial Services, said on Monday that ongoing selling in global markets due to uncertainty over rate cuts affected the sentiments in the Indian domestic market. On Monday, Nifty closed at 22,332.65, down 160.90 points or 0.72 per cent, while Sensex closed at 73,502.64, down 616.75 points or 0.83 per cent.
Nair said investors remained cautious ahead of the release of stronger-than-expected US non-farm payrolls data and US inflation data on Tuesday. He said the broader market continued its underperformance due to valuation concerns, while investors rebalanced their portfolios to include safe-haven assets such as gold.
Rupak Dey, senior technical analyst at LKP Securities, said that fluctuations are being seen in Nifty. The trend remains bullish, but currently the market is undergoing a correction. There may be further decline in Nifty, due to which it will probably remain in the range of 22,200-22,250.
Kunal Shah, senior technical and derivatives analyst at LKP Securities, said the Bank Nifty index remained bearish, indicating a fall. Immediate support for the Bank index lies at 47,000-46,800 levels, and selling pressure below this range could increase. The index will have to cross 47,700 points to move towards all-time high.
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