Below are Views On Daily Market Analysis By Mr. Ajit Mishra, VP - Research, Religare Broking Ltd
It was a roller coaster ride for equity markets as the benchmark oscillated in a broader range and finally settled in the red. After the flat opening, weakness in global indices started weighing on the sentiment which pushed the index lower. However, rebound in the select index majors trimmed the losses as the session progressed. Finally, the Nifty index ended with losses of 0.2% at 15,713 levels. Amongst the sectors, a mixed trend was witnessed as Telecom, Metal and Capital Goods ended with gains whereas Banking, Auto and Consumer Durables closed lower. The broader market indices, midcap and smallcap, also traded in tandem with the benchmark and lost nearly 0.4% each.
Markets will react to the US FOMC meeting outcome in early trade on Thursday. The FOMC is expected to maintain status quo on rates however their commentary on the inflation trajectory and any timelines on interest rate revision would be actively tracked. Back home, the earnings announcement from key Nifty majors and monthly derivatives expiry would keep the participants busy. On the index front, a move above 15,770 would trigger further rebound else profit taking will resume. Traders should continue with a selective approach and wait for further clarity.
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