ET Market Watch: Banking blues drag stock markets; Nifty eyes 24,700 retest
Markets took a breather after Monday's rally. Indian benchmark indices ended lower in a choppy Tuesday trade, dragged by banking heavyweights HDFC Bank and ICICI Bank.
Sensex: 80,235, down 368 pts (-0.5%)
Nifty: 24,487, down 98 pts (-0.4%)
Top Nifty Gainers: Tech Mahindra, Maruti Suzuki, Hero MotoCorp, M&M, NTPC
Top Losers: Bajaj Finance, Trent, Hindustan Unilever, Nestle India, Eternal
Sector Check
Banks & Financials were the big drags. Nifty Bank down 0.84%, Nifty Financials down 0.9%.
On the upside, Auto, IT, Pharma & Oil & Gas gained up to 0.7%.
Expert Take
As per Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities: Nifty formed a small red candle with a long upper shadow, indicating weak momentum to break 24,700. Support is seen at 24,300–24,400, and analysts expect a retest of 24,700 if support holds.
Global Cues
Asian markets mostly in the green. Nikkei was down +0.65%, Hang Seng +0.77%.
Europe mixed; FTSE 100 slightly higher, DAX down 0.4%.
Currency Watch
Rupee slightly stronger at 87.64 against the USD; traders eye U.S. inflation data for Fed policy cues.
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