Sensex drops 98 points, Nifty ends below 16,000

Sensex, Nifty, stock prices today: The benchmark BSE and National Stock Exchange (NSE) stock indices ended down around 0.2% on Thursday, weighed by market heavyweights Infosys, Tata Consultancy Services and Axis Bank.

The S&P BSE Sensex lost 98.00 points (0.18%) to end at 53,416.15, while the Nifty 50 fell 28.00 points (0.18%) to settle at 15,938.65 .

On the Sensex pack, Axis Bank, HCL Technologies, State Bank of India, Tech Mahindra, Tata Consultancy Services, Wipro, UltraTech Cement, ITC and Infosys were the big losers.

In contrast, Sun Pharmaceutical Industries, Dr Reddy’s Laboratories, Kotak Mahindra Bank, Titan Company, Reliance Industries and Nestle India were among the top gainers.

Among the sector indices on NSE, Nifty PSU Bank fell 2.21%, Nifty IT fell 1.58%, Nifty Bank lost 0.51% and Nifty Media fell 0.37%.

In the broader market, the S&P BSE MidCap Index ended at 22,663.31, down 90.40 points (0.40%), while the S&P BSE SmallCap came in at 25,645.68. , down 145.03 points (0.56%).

“Following weak signals from global markets, Indian indices gave back initial gains amid concerns over stronger-than-expected US inflation data. Investors are increasingly expecting the Fed to proceed with a rate hike of at least 75 basis points this month to combat high inflation On the domestic front, India’s WPI inflation moderated in June although it remains at low levels. high levels, but is expected to decline further over the course of the year,” said Vinod Nair, head of research at Geojit Financial Services.

Commenting on the market today, Rupak De, Senior Technical Analyst at LKP Securities, said, “The Nifty corrected towards the lower band of the bullish channel before closing a bit off the day’s low. On the daily chart, the index remained below the important moving average. The daily RSI is in a bearish crossover. At the lower end, the index may find support at 15850-15875. At the upper end, resistance is visible at 16,100.”

Global market

– Reuters entry

European stocks fell in early trading on Thursday and the safe-haven dollar rose after the latest searing US inflation reading heightened investor caution over Federal Reserve rate hikes.

Data on Wednesday showed consumer prices in the United States jumped 9.1% year-on-year in June, from 8.6% in May.

Asian stocks remained stuck at two-year lows and European indices opened in the red. As of 07:35 GMT, the European STOXX 600 and London’s FTSE 100 were both down 0.2% on the day.