Indian equity benchmarks ended lower on Tuesday. Marking a positive start, markets soon turned red, as the Finance Ministry’s Economic Review stated that inflation might witness another comeback in case of a worsening geo-political situation that is rooting higher energy prices and exerting pressure on the supply chain globally. In addition, the Reserve Bank of India (RBI) informed that India’s forex reserves dropped by $4.50 billion to $528.37 billion for the week that ended on October 14.

The index also closed above a downward sloping trend line that has held down the highs of 2021 (18,604) and 2022 (18,350), Subash Gangadharan, Senior Technical and Derivative Analyst at HDFC Securities said.

While the Nifty looks set to move higher towards the previous intermediate highs of 18,096, it can see a mild correction in the very near term, he said.

For the uptrend to continue, the Nifty has to hold above the immediate supports of 17,607-17,503, the market expert added.

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Indian Indices

The Sensex declined 287.70 points or 0.48% to 59,543.96 while the Nifty fell 74.40 points or 0.42% to 17,656.35 at the close of trading on Tuesday. The Sensex moved in a high-low band of 60,081.24 and 59,489.02. There were 10 stocks advancing against 20 stocks declining. The Nifty traded in a range of 17,811.50 and 17,637.00. There were 18 stocks advancing against 32 stocks declining on the index.

Broader Indices

The broader indices ended mixed with the BSE MidCap index up by 0.35% while the SmallCap index was down by 0.45%. The top gaining sectoral indices on the BSE, Capital Goods was up by 1.24%, Auto was up by 1.22%%, PSU was up by 1.07%, Industrials was up by  0.84% and Oil & Gas was up by 0.53%. While FMCG by 1.10%, Telecommunication by 0.91%, Realty by 0.61%, Utilities by 0.60% and Bankex by 0.56% were the top losing sectoral indices on the BSE.

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India VIX Index

Nifty or India VIX, a gauge of the market’s expected volatility over the near term, fell 3.11% to 16.88 on Tuesday.

SGX Nifty

The trends on SGX Nifty indicate a positive opening for the index in India with a 55-point gain. The Nifty futures were trading at 17,868.5 on the Singaporean Exchange at around 06:45 hours IST.

Support and Resistance level

The key support level for the Nifty is placed at 17,635, followed by 17,594 & 17,527. If the index moves up, the key resistance levels to watch out for are 17,768 followed by 17,809 and 17,876, according to pivot charts.

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US Markets 

The S&P 500 fell 28.51 points, or 0.7%, to 3,830.60 on Wednesday.

The Dow Jones Industrial Average rose 2.37 points, or less than 0.1%, to 31,839.11.

The Nasdaq fell 228.12 points, or 2%, to 10,970.99.

The Russell 2000 index of smaller companies rose 8.18 points, or 0.5%, to 1,804.33.

Asian Markets

Asian markets ended mostly lower on Tuesday. Nikkei 225 was down by 1.02%, Hang Sang was down by 0.10%, KOSPI Composite was down by 0.05%, and Shanghai Composite settled down by 0.04%.

European Markets

European markets finished broadly higher yesterday with shares in Germany leading the region. The DAX was up 1.09% while London’s FTSE 100 was up 0.61% and France’s CAC 40 was up 0.41%.

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Bulk Deal data

Maybank Securities Pte Ltd bought 26,39,673 shares in CSB Bank Limited at Rs 72.26 per share on the NSE.

Nomura Singapore Limited sold 26,39,673 shares in CSB Bank Limited at Rs 228.57 per share on the NSE.

Anuj Shantilal Badjate sold 54,297 shares in Shradha Infraprojects Ltd at Rs 28.33  per share on the NSE.

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DII and FII data

Foreign institutional investors (FIIs) have sold shares worth a net of Rs 247.01 crore, whereas domestic institutional investors (DIIs) bought shares worth a net of Rs 872.88 crore on October 25, as per data available on the NSE.

NSE F&O Ban

BHEL & Punjab National Bank have been placed under the F&O ban for October 27. 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.