Nifty snaps three-day winning streak on weak global cues and Surge in crude prices
Nifty snapped its three-session winning streak, declining 158 points to close at 24,052. The index opened lower by 143 points and attempted a recovery from the early morning low during the first half. However, the momentum faded in the second half, leading to an intraday decline of 123 points from the mid-session high.
Among Nifty constituents, Bharti Airtel, Apollo Hospitals and Sun Pharma were the top performers. HCL Tech, Shriram Finance and HDFC Life faced selling pressure and finished as the session’s main laggards.
Sectoral performance was mixed. Pharma, Healthcare and Metals ended higher, while Realty, PSU Banks and Auto underperformed and posted the biggest losses.
Broader markets echoed the benchmark’s weakness, with the Nifty Midcap 100 and Nifty Smallcap 100 falling 0.44% and 1.01% respectively. Market breadth weakened after three days, the BSE advance-decline ratio slipping to 0.55, signaling profit-taking in the mid- and small-cap space.
The Indian rupee underperformed its Asian peers, depreciating 58 paise to close at 96.20, its weakest level in a month. A surge in crude prices amid rising geopolitical tensions weighed heavily on the currency, while higher global bond yields could dampen expected inflows into the FCNR(B) scheme, adding further pressure.
Technically, on weekly expiry Nifty closed close to its 20 DEMA at 24,029, underscoring that level as immediate support. The index remains in a consolidation phase.
Looking ahead, the recent swing high near 24,260 is likely to act as near-term resistance, while support is placed around 23,800.
HSL Prime Research
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