On Thursday, the key Indian equity indexes, the BSE Sensex and Nifty50, began lower than usual. While Nifty50 was close to 22,280 levels, the BSE Sensex fell more than 100 points. The BSE Sensex was down 130 points, or 0.18%, at 73,336.38 at 9:24 AM. The Nifty50 was down 27 points, or 0.12%, at 22,275.50.
Due to continued selling by foreign institutional investors (FIIs), mixed fourth-quarter results, and decreased voter turnout in the current elections, domestic markets concluded the day on a flat note on Wednesday.
Siddhartha Khemka, Head of Retail Research at Motilal Oswal, stated, "We expect the market to consolidate in a broader range amid nervousness surrounding the ongoing Lok Sabha election."
Though there are signs of a higher bottom forming around the 22,200 level, the short-term market trend is still poor. The market may see a brief uptick in price if a reversal from this position is confirmed. According to HDFC Securities' Nagaraj Shetti, the next overhead resistance is around 22,500, while the immediate support level is at 22,200.
The Dow Jones Industrial Average in the US closed over 39,000 points for the first time in five weeks, extending its winning run to six straight sessions. The robust faith of investors persisted in their dependence on the accommodating monetary policies of the United States. The Nasdaq fell 0.18% at the close, and the S&P 500 finished flat.
On Thursday, Asian markets began the day with mixed results. Asian bonds declined as a result of selling pressure in Treasuries during the previous session, which helped to strengthen the dollar. S&P 500 futures had minimal movement, whilst Hang Seng futures saw a 0.3% increase. Australia's S&P/ASX 200 dropped 0.4%, while Japan's Topix increased by 0.4%. Futures for the Euro Stoxx 50 were up 0.4%.
Early on Thursday, oil prices rose as declining US crude stocks suggested a tighter supply and growing expectations that the Federal Reserve will lower interest rates before the year was over. While U.S. West Texas Intermediate crude for June increased by 29 cents to $79.28 per barrel, Brent crude futures for July increased by 23 cents to $83.81 a barrel.
On Wednesday, domestic institutional investors (DIIs) purchased shares worth Rs 5,928 crore, while foreign institutional investors (FIIs) were net sellers, selling shares worth Rs 6,669 crore. Strong dollar demand negated the rupee's support from falling crude oil prices, and it ended the day unchanged at 83.51 vs the US dollar.
On Thursday, a number of businesses, including SBI, Asian Paints, BPCL, and Indian Overseas Bank, are scheduled to release their fourth-quarter financial results.
