Stock Market LIVE Updates: Indian equity benchmarks BSE Sensex and NSE Nifty50 started the week deep in the red tracking weakness across global markets, as investors remained concerned about worsening inflation and fears that it may trigger faster-than-expected hikes in pandemic-era interest rates.
Carnelian Capital Advisors Founder Vikas Khemani is of the view the current situation in the market will probably play out in the current zone over the next 2-4 months.
It is making positive moves on the hourly and daily charts, both above the resistance level of Rs 380,” he says.
The government will not approach the market for a year for an LIC FPO, sources tell CNBC-TV18.
Selling pressure is witnessed across most sectors, with some respite due to buying in heavyweights such as ICICI Bank and Maruti Suzuki.
ICICI Bank shares gain around two percent after India’s second largest bank by market value disp[lays resilience in a weak market.
JSW Steel, Tata Steel, Larsen & Toubro, IndusInd and Titan are also among the top losers.
The three main US indices tanked on Friday as surprise earnings news and increased certainty around aggressive near-term rate increases took a toll on investors.