Stock Market Today: Domestic equity benchmarks Nifty 50 and Sensex reported intense selling pressure in the previous session, dragged by a continued flight of foreign capital amid a negative global market trend. Investors maintained a cautious approach ahead of global central bank interest rate decisions.
For the second day in a row, the 30-share BSE benchmark Sensex tanked 1,064.12 points, or 1.30 per cent, to 80,684.45, below the psychological 81,000 level. The Nifty tumbled 332.25 points or 1.35 per cent to 24,336.
IT firms, which get a bulk of their revenue from the US, dropped 0.5 per cent. All sectoral indexes except media fell. The more domestically focused small-caps and mid-caps declined 0.7 per cent and 0.8 per cent, respectively. The Indian rupee weakened to its lifetime low against the greenback unit.
Trade Setup for Wednesday
Nifty slipped sharply following the formation of a Harami pattern on the daily time frame. “The index has fallen below the 21-EMA, indicating a rise in bearish bets in the market. The indicator is in a bearish crossover, further supporting the negative sentiment,” said Rupak De, Senior Technical Analyst at LKP Securities.
“The short-term outlook remains weak, with the potential for a decline towards 24,200, where an initial round of support is expected. A meaningful recovery might be seen if Nifty does not break decisively below 24,200,” added De.
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