Sensex, Nifty Post Early Losses Amid Weak Global Cues

(MENAFN- IANS) Mumbai, March 6 (IANS) The Indian equity markets posted losses in early trade on Friday tracking global weakness, crude oil prices amid tensions in the Middle East.

As of 9.28 am, Sensex lost 365 points, or 0.46 per cent, to reach 79,650 and Nifty dipped 103 points, or 0.42 per cent to reach 24,662.

Main broad-cap indices showed divergence with the benchmark indices, as the Nifty Midcap 100 added 0.30 per cent, and the Nifty Smallcap 100 gained 0.45 per cent.

All sectoral indices traded in red except IT, pharma as well as oil and gas, up 1.28 per cent, 0.16 per cent and 0.15 per cent, respectively. Nifty private bank and auto were the top losers, down 1.18 per cent and 0.65 per cent, respectively.

Persistent geopolitical tensions in the Middle East threatens renewed global inflationary pressures and the possibility of tighter monetary policy conditions ahead, market participants said.

The immediate resistance zone of Nifty is placed at 24,850, while support is observed in the 24,550–24,500 range.

The RSI at 37.55 indicates improving momentum after rising from oversold levels, analysts said, adding that fresh long positions should ideally be considered only after a clear and sustained breakout above the 25,000 level.

Resistance for Bank Nifty is seen in the 59,300–59,400 range, while the 58,700–58,800 zone remains a key support area, market participants said.

Overnight, oil prices surpassed $80 per barrel mark, although Brent futures eased slightly Friday to trade at $84.64.

The US Court of International Trade ruled that companies were entitled to receive tariff refunds from US President Donald Trump’s duties that were struck down by the Supreme Court.

In Asian markets, China’s Shanghai index gained 0.25 per cent, and Shenzhen added 0.8 per cent, Japan’s Nikkei eased 0.02 per cent, and Hong Kong’s Hang Seng Index gained 1.72 per cent. South Korea’s Kospi lost 1.77 per cent.

The US markets ended in red overnight as Nasdaq lost 0.26 per cent. The S&P 500 dipped 0.56 per cent, and the Dow Jones declined 1.61 per cent.

On March 5, foreign institutional investors (FIIs) net sold equities worth Rs 3,752 crore, while domestic institutional investors (DIIs) were net buyers of equities worth Rs 5,153 crore.

-IANS

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