Equity indices end in red; banking stocks down
Mumbai, March 24, 2022
Paring most of the opening session losses, India's key equity indices -- S&P BSE Sensex and NSE Nifty50 -- settled on a subdued note on Thursday.
The Sensex settled 0.15 per cent or 89.14 points lower at 57,595.68 points. Similarly, the Nifty settled 22.90 per cent or 0.13 points down at 17,222.75 points.
"After fluctuating between gains and losses, Indian markets ended marginally lower in the volatile session," said Devarsh Vakil, Deputy Head of Retail Research, HDFC Securities.
"Banks, financials and consumer durables declined while metal, IT, pharma and oil & gas stocks advanced."
According to Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services: "Markets are roiling and commodity prices are erratic as concerns about inflation and the impact of the war in Ukraine looms over economy."
"Further, US Fed Reserve officials signalled they are ready to take more aggressive steps to tame inflation, thus increasing the volatility. On the domestic side, market is stuck in a range for the last 5 days. Nifty is facing strong resistance near 17,300-17,400 levels while 17,000 is proving support for now."
On the positive side, FIIs have turned net buyers, while strength in heavyweight counters in sectors like metals, oil & gas, pharma are supporting the market, he said.
"On the other hand, follow up buying is missing at higher levels along with global concerns keeping the upside on check."