Early on D-Street | Nifty may come under selling pressure if it closes below 11,550
Episode 1830, Oct 25, 2019, 01:30 AM
Indian markets consolidated for the second day in a row on Thursday but managed to hold above crucial support levels.
Sensex managed to hold on to 39000 while the Nifty50 closed below 11600 levels, but above 11550 levels.
The final tally on D-Street – the S&P BSE Sensex fell 38 points to 39,020 while the Nifty50 closed 21 points down at 11,582 on Thursday.
Investor sentiment was roiled by trends of Maharashtra and Haryana assembly poll results in which there is no landslide victory for the ruling BJP which even markets were factoring.
The broader market ended lower. Amongst the sectoral indices, Realty, Consumer Durables and Healthcare were the top gainers. While sectors such as Banks, Power and IT were the laggards.
Experts are if the view that consolidation in the market is likely to continue as we head towards a long weekend. But, stock-specific volatility is likely to continue, as market movement will be driven by the on-going Q2 earnings season.
On the global front, while positive developments on US-China trade deal is good for the global markets, other factors such as Brexit deal progress, crude oil prices, and currency movement would also influence market trend, suggest experts.