Indian markets remained under pressure on Wednesday, after the ceasefire deadline expired. Nifty closed below 24,500 at 24,378 and snapping its three-day winning streak. Analysts say Indian markets are expected to consolidate in the near term as investors continue to monitor developments in the US–Iran conflict and the ongoing US blockade of the Strait of Hormuz.
STATE OF THE MARKETS
- Tech View: The setup looks balanced and non-indicative. Any development coming from the Middle East will have an impact on Thursday’s opening. On the lower end, support is placed at 24,200, below which the index might drift down towards 23,900.
- India VIX: India VIX, which is a measure of the fear in the markets, rose 4.3% to settle at 18.30 levels.
Stocks in F&O ban today
SAIL
Securities in the ban period under the F&O segment include companies in which the security has crossed 95% of the market-wide position limit.
FII/DII action
Foreign portfolio investors net sold shares worth Rs 2,078 crore on Wednesday. DIIs, meanwhile, were net sellers at Rs 1078 crore.Rupee
The Indian rupee fell for the third consecutive session on Wednesday, as optimism about an end to the Iran war remained muted despite the US indefinitely extending a ceasefire.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)