Nifty’s sharpest weekly fall since Feb 20

New Delhi, Sep 22 (SocialNews.XYZ) On weekly charts, Nifty fell 2.57 per cent, the sharpest fall since the week ended Feb 20, 2023, says Deepak Jasani, Head of Retail Research, HDFC Securities.

Nifty fell on September 22 but showed signs of near term bottom formation. A fall below 19645 could take the Nifty to 19460-19480 band while on rises, Nifty could face resistance at 19849 for the near term.

Nifty declined to end lower on Friday for the fourth consecutive day after swinging between gains and losses. At close, Nifty was down 0.34 per cent or 68.1 points at 19674.3, he said.

Global shares sagged and U.S. yields climbed multi-year highs on Friday after a week packed with central bank meetings signalled that the U.S. Federal Reserve's interest rates would stay higher for longer. The mounting risk of a U.S. government shutdown in just 10 days was also being watched by markets, he said.

The Bank of Japan (BOJ) on Friday stuck to an ultra-easy monetary policy and made no changes to its outlook.

Equity funds globally had outflows of $16.9 billion in the week through September 20, according to EPFR Global data, he added.

Vaibhav Vidwani, Research Analyst, Bonanza Portfolio said most of the sectoral indices were in red where Nifty PSU Bank outperform today with the gains of 3.51per cent. India will be included in JPMorgan's Global Bond Index-Emerging Markets (EMs) commencing June 28, 2024, with India's weight in the index limited to a maximum of 10 per cent and qualifying government bonds valued at $330 billion.

Power Grid, Asian Paints, Coal India, NTPC, HDFC Life were the top Nifty gainers whereasHDFC Bk, UltraTech, DRL, Wipro were the biggest laggards, he said.

Source: IANS