Mumbai (Maharashtra) [India], December 20 (ANI): Indian stock markets continued to stay weak on Friday and opened flat as FIIs and the depreciating Indian rupee exerted stress.
The Nifty 50 index opened flat at 23,960.70 factors with a acquire of solely 9 factors, whereas the BSE Sensex surged 0.15 p.c to open at 79,335.48 factors.
Experts acknowledged that the surprising discount within the fee reduce cycle by the US Fed has jolted markets globally. However, the possibilities of a year-end rally are nonetheless there, however the promoting by FPIs is once more making it laborious for the market to rally.
Ajay Bagga, Banking and Market Expert acknowledged that “Indian markets are trying to shake off the global ‘risk off” sentiment however the FPI promoting this week has jolted these efforts to this point. We are nonetheless optimistic that we may see a brief burst going into the 12 months finish, however the volatility is making any rally fragile for now”.
He additional added that “Chairman Powell is being seen by global markets as the Grinch who stole Christmas this year. As global fund managers proceed on annual holidays, they are suffering the results of over optimistic and over concentrated market views, that were surprised by the US Fed calling time on fast and furious rate cuts”.
In the sectoral indices on Friday, Nifty IT, Nifty Media, and Nifty Pharma recovered, whereas the opposite indices continued their downward motion. In the Nifty 50 shares record at this time, 13 shares opened with good points, whereas 37 declined within the opening session.
Markets across the globe are below stress after a sign from the US Federal Reserve of fewer fee cuts subsequent 12 months, lower than the anticipated three or 4.
“The support, near 23870, is also the area where the 61.8% Fibonacci retracement of the November to December advance meets a rising 200-day average. Three-day momentum, measured by the RSI, is under 10, and every time it’s gone into single digits, the prevailing downtrend has either stalled or triggered a tactical advance over the next few sessions” mentioned Akshay Chinchalkar, Head of Research, Axis Securities.
In different Asian markets, sentiments had been additionally down on Friday. Japan’s Nikkei 225 index remained flat after its central financial institution paused and didn’t hike rates of interest, whereas the markets of Taiwan, South Korea, and Indonesia continued promoting and remained in crimson on the time of submitting this report. (ANI)