India Flash Bulletin

As Asian markets weaken, Sensex and Nifty remain subdued; financials plummet

<p>On Monday, benchmark stock market indexes had a quiet start to the trading day and were trading flat due to weakness in Asian markets.</p>
<p><img decoding=”async” class=”alignnone wp-image-386452″ src=”” alt=” as asian markets weaken sensex and nifty remain subdued financials plummet budget” width=”1078″ height=”606″ title=”As Asian markets weaken, Sensex and Nifty remain subdued; financials plummet 9″ srcset=” 690w,–390×220.jpg 390w,–150×84.jpg 150w” sizes=”(max-width: 1078px) 100vw, 1078px” /></p>
<p>At 10:23 am, the NSE Nifty50 was slightly up by 23 points at 21,876.80, while the S&P BSE Sensex was down 33.44 points at 72,052.19. Conversely, broader market indices had a stronger position than benchmark indexes.</p>
<p>State Bank of India, the country’s largest state lender, released mixed earnings, which put selling pressure on banking and financial equities. Even yet, the stock was slightly down even though the third quarter results fell short of forecasts.</p>
<p>However, the Nifty Auto index saw a significant increase, supported by a roughly 7% increase in Tata Motors shares after the company’s Q3 earnings.</p>
<p>On the Nifty50, Tata Motors, BPCL, Sun Pharma, Cipla, and Coal India were the top five gainers. UPL, ICICI Bank, HDFC Bank, Bharti Airtel, and Kotak Mahindra Bank, on the other side, were the biggest losers.</p>
<p>“The short-term uptrend status of Nifty remains intact, but the overall chart pattern suggests a possibility of high volatility at new highs,” said Mandar Bhojane, research analyst at Choice Broking.</p>
<p>“Any effort to go higher from here may encounter stiff resistance near the 22,100–22,200 levels, which might cause short-term weakening from the highs. At 21,600 levels, immediate support is detected,” he said.</p>

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