Sensex Today: Domestic markets opened lower in Thursday’s trade amid sombre cues overseas. Key indices Nifty50 declined over 50 points to trade below 18,100 levels, whereas the S&P BSE Sensex tumbled over 300 points to trade below 61,000 levels.
Broader markets, too, slipped in tandem as Nifty MidCap 100 and Nifty SmallCap 100 indices slip up to 0.7 per cent.
Barring Nifty Pharma index, all sectors plunged in negative territory, with Nifty Auto index declining the most, over 1 per cent.
Prashanth Tapse – Research Analyst, Senior VP (Research), Mehta Equities, said: “Amid a sea of red across the global markets, key local benchmark indices brace for a rough trading session in Thursday trades. Overnight, the US equities witnessed a major sell-off as investors resorted to panic selling as the mid-term election results still remained undecided.”
The outcome is seen having an enormous impact as it will give voters an opportunity to indirectly express their views on Biden’s presidency and the current direction of the country. Besides, all eyes will be on the US CPI data to trickle in later today, which would signify the future policy rate decision by the US Fed, he added.
Technically, the bulls will be on the lookout for the goal post at Nifty’s all-time high at the 18,605 mark. Nifty’s biggest make-or-break intraday support is now placed at the 18,047 mark. Only below the 17907 mark, the benchmark index is likely to slip to the 17,250-17,500 zone, he said.
Global Cues
Globally, the US markets were choppy overnight as investors track mid-term election results and inflation data. Dow Jones, the S&P 500, and NASDAQ Composite slipped up to 2 per cent.
Asia-Pacific markets, on the other hand, were mixed as Nikkei 225, Topix, Hang Seng, and Shanghai Composite indices lost up to 1 per cent.
On the commodities front, prices of Brent Crude and WTI Crude lowered 0.1 per cent each to $92 per barrel and $85 per barrel, respectively.
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