Sensex Dips:- The Israel-Iran crisis has impacted investor sentiment, reducing risk appetite for equities, and rising bond yields have exacerbated the pressure.
Sensex and Nifty closed lower on April 16, causing global market weakness due to West Asia’s worsening situation and rising US treasury bond yields, advising caution and waiting for developments.
The Sensex fell 0.62% at 72,943.68, while the Nifty 50 fell 124.60% at 22,147.90. Analysts predict the current decline will extend towards the next key support of 21900, followed by a base formation amid earnings season accelerated.
Sectors and stocks
The US Federal Reserve may avoid cutting rates this year due to rising bond yields, according to VK Vijayakumar at Geojit Financial Services. The Israel-Iran crisis has dampened investor sentiment, while the broader market managed to remain above water, with Nifty Pharma and Nifty FMCG emerging as top gainers.
April 17 Forecast
The domestic market consolidated for the third consecutive day due to geopolitical tensions and a decrease in short-term rate cuts. Stronger-than-expected US retail sales heightened concerns, leading to an increase in the dollar index and US bond yields. The IT sector experienced a significant decline due to weak discretionary spending and Q4 results.
Markets continued their losing streak for the third consecutive session due to weak global cues, including a rise in US bond yields due to Middle East tensions, which prompted investors to profit taking, fearing the conflict could impact crude oil prices.
The index’s trend has weakened after falling below the 21EMA, but it may find short-term support within the 21,930-22,030 band. Failure to maintain support could exacerbate market panic, with resistance at 22,400.
| FII Sold | -4,468.09 Cr |
| DII Bought | 2,040.38 Cr |
Indian Market Stocks
| Sensex | -845.12 | -1.14% | 73,399.78 |
| Nifty 50 | -246.90 | -1.10% | 22,272.50 |
| Nifty Bank | -791.30 | -1.63% | 47,773.25 |
Market Movers
| Eicher Motors | 136.35 3.23% | Infosys | -53.70 -3.66% |
| Divis Labs | 47.65 1.28% | IndusInd Bank | -48.95 -3.18% |
| Titan Company | 45.30 1.26% | LTIMindtree | -152.30 -3.16% |
| HUL | 26.75 1.22% | Wipro | -11.00 -2.39% |
| ONGC | 3.30 1.18% | Bajaj Finserv | -38.35 -2.31% |
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Global jitters and tepid Indian markets began the week, with attempts at recovery but bears dragging the Nifty Index lower. Media and PSU Banks were the worst performers. Mid and Smallcaps corrected more, losing 1.57% and 1.73% respectively. If correction continues, the Index may reverse from 22,185 support level.Must read book about investing – check
Sensex Sensex Sensex
Sensex After four weeks of increases, Sensex and Nifty fell 2% for the first time After four weeks of increases, Sensex and Nifty fell 2% for the first time
The Nifty has experienced a decline, closing the day around 160 points lower. The daily charts show no follow-through buying interest after a breakout, and selling pressure at higher levels could lead to a slipping back into the consolidation zone. The Bollinger bands are contracting, indicating a range contraction. The Bank Nifty has not maintained positive momentum, and it could slip towards the 46900-46800 range. The overall trend is bullish, with an intermediate corrective phase in progress. Short-term weakness could lead to a decline towards the 22200-22250 range.
The Nifty has experienced a decline, closing the day around 160 points lower. The daily charts show no follow-through buying interest after a breakout, and selling pressure at higher levels could lead to a slipping back into the consolidation zone. The Bollinger bands are contracting, indicating a range contraction. The Bank Nifty has not maintained positive momentum, and it could slip towards the 46900-46800 range. The overall trend is bullish, with an intermediate corrective phase in progress. Short-term weakness could lead to a decline towards the 22200-22250 range.
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