Indices end marginally down, Sensex dips over 150 points
Mumbai, September 7, 2022
Benchmark indices ended marginally down on Wednesday with the BSE Sensex falling over 150 points and Nifty closing 30 points lower.
At close, the Sensex ended 168.08 points or 0.28 per cent down at 59,028.91, and Nifty closed 31.20 points or 0.18 per cent at 17,624.40. About 2,138 shares advanced, 1,318 shares declined and 123 shares remained unchanged.
BSE Midcap and Smallcap were up 0.46 per cent and 0.73 per cent, respectively. However, BSE LargeCap ended down 0.15 per cent.
"The latest economic figures indicate that the US central bank would continue to raise interest rates. As, according to ISM's (Institute of Supply Management) US Non-Manufacturing PMI, the services sector expanded last month at a rate that was higher than anticipated, putting pressure on global markets. Main indices followed the global trend however, mid & small caps rallied with strong outperformance," said Vinod Nair, Head of Research at Geojit Financial Services.
Asian stocks remained negative on Wednesday on weaker-than-expected Chinese trade numbers.
China's exports growth slowed in August due to higher inflation. Exports were up 7.1 per cent in August, slowing from an 18.0 per cent gain seen in July, according to official customs data.
"We are of the view that on the lower side 17,500 would be the key support level while 17,700 could act as a major hurdle for the bulls. Post 17,700 breakout the index could move up to 17,800-17,850. On the flip side, dismissal of 17,500 could increase the selling pressure. Below 17,500, we could expect short term weakness till 17,400-17,300," said Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities Ltd.