Markets Daily - Mr. Devarsh Vakil, Deputy Head of Retail Research, HDFC Securities

Indian stock market benchmarks indices closed with steep losses on Thursday. Weak global cues triggered profit booking. Selling was broad-based as most of the sectoral indices on NSE closed in the red. The Nifty finally lost 151.75 points or 0.96% to close at 15,727.9. Sellers outnumbered buyers. On the BSE, 1474 shares rose and 1,715 shares fell.

Volumes on exchanges were on little lower than recent averages in cash markets, though NSE derivatives markets were quite active, particularly in weekly index options expiring today.

Midcap and small cap indices continued their outperformance and fared much better than the benchmarks. The NSE Mid-Cap 100 index fell 0.42%, while the NSE Small-Cap index was flat for the day. Investors are expecting some robust June-quarter earnings from software services bell weather Tata Consultancy later today.

Most Asian markets has a soft day and selling was intense particularly in Malaysia and Hong-Kong.

Malaysian shares slumped and the ringgit hit a more than ten-month low on Thursday after the biggest political party of the country's ruling coalition called for Prime Minister Muhyiddin Yassin to resign at a time when the country remains in a COVID-19 lockdown. Hong Kong stocks slumped to a six-month low, as tech firms tumbled amid persistent regulatory worries.

Technically, Support for the nifty comes in at 15635. While 15900 resistances is turning out to be a tough not to crack.

Source : Equity Bulls

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