Mumbai, December 14, 2014 : .India’s top equity indices, S&P BSE Sensex, and NSE Nifty50, fell on Tuesday for the third time in succession due to concerns about global Covid-19 Omicron variants, as well as FII withdrawals.Notably, the FIIs have sold stock worth Rs 763.18 crore in capital market segments on the NSE, BSE, and MSEI.
Initially, they opened a gap in line with Asian peers.They soon started to climb but were quickly faced by profit taking.
Asia stocks fell globally on Tuesday due to the Omicron variant spreading, which rattled investors who had been on edge in anticipation of a series of central bank decisions.
However, European shares rose Tuesday after Omicron worries were addressed.
Domestically, the higher WPI inflation subdued sentiments.Sektor-wise, the indices for power, oil, gas, and capital goods rose most.
However, telecom, FMCG, and auto indexes saw their shares fall the most.
Accordingly, the S&P BSE Sensex ended at 58,117.09, 0.29 percent lower than its previous close.
The broader 50-scrip Nifty at the National Stock Exchange (NSE) ended the day’s trade at 17,324.90 points, down 0.25 per cent from its previous close.
“Nifty has formed a near doji pattern after a fall, suggesting that the near term weakness in the markets may be coming close to an end,” said Deepak Jasani, Head of Retail Research, HDFC Securities.
“The next resistance for Nifty could be 17,484, while 17,226 could be a crucial support below which downmove can accelerate,” he added.
According to Siddhartha Khemka, Head of Retail Research, Motilal Oswal Financial Services: “Global markets continued to remain mixed as investors remain cautious about the economic risks posed by potentially reduced central bank support and the Omicron variant.
“The US Federal Reserve is scheduled to announce its latest interest-rate decision on Wednesday, followed by the European Central Bank (ECB) and the Bank of England on Thursday.”
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