Stock market today: What SGX Nifty, other factors indicate for Wednesday's trade
Premium- The NSE Nifty 50 index fell 0.53% to 17,957, while the BSE Sensex dropped 435 points to 60,176 on Tuesday
Equities ended lower on Tuesday as losses in financial stocks outweighed gains in auto companies. The NSE Nifty 50 index fell 0.53% to 17,957, while the BSE Sensex dropped 435 points to 60,176 on Tuesday. Both the indexes had risen over 2% on Monday. The BSE midcap and smallcap gauges climbed more than a per cent.
Asian share markets slipped on Wednesday whereas SGX Nifty indicates a gap-down start for the Indian stock market today. Singapore Nifty (SGX Nifty) is the Indian Nifty that is traded in Singapore Stock Exchange and is considered to be the first indication of the Indian markets opening.
"Market might consolidate for some time before the key event of RBI’s policy meet due this week which would provide some direction to the market. Banking stocks are likely to remain in lime light on account of this. Q4 results announcement would also kick start with IT companies which would keep the markets volatile. Investors would close track the corporate commentaries given the current global environment," said Siddhartha Khemka, Head - Retail Research, Motilal Oswal.
"The sharp upside momentum in the market seems to have halted and the Nifty shifted into a minor profit booking mode. Any sharp weakness from here could be ruled out, but one may expect range movement around 18200-17800 levels for the next few sessions. The important resistance of 18200 levels could eventually be broken on the upside," said Nagaraj Shetti, Technical Research Analyst, HDFC Securities.
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