Erasing early gains, 2 day gaining streak, indices settle bit low
New Delhi, May 18 - Erasing the entire opening session gains and snapping two-day rally, Indian equity benchmark indices closed Wednesday's trade marginally in red.
Inflation rate hitting 40 years high in the UK also dented investors sentiment back home during the afternoon trade. Inflation though is a concern in almost all major economies.
Sensex closed at 54,208.53 points, down 109.94 points or 0.20 per cent, whereas Nifty at 16,240.30 points, down 19.00 or 0.12 per cent.
"UK's soaring retail inflation number along with (the US) Fed Chair's reassurance on bringing down the inflation, disturbed the sentiment, risking sharper rate hikes," Vinod Nair, Head of Research at Geojit Financial Services, said.
With prospects of a sizable interest rate hike by the global central banks, investors are advised to allocate higher weightage to sectors that are least affected by such policies, Nair added.
"The resistance on the higher end is placed at 16,400. On the lower end, support is visible at 16,000," Rupak De, Senior Technical Analyst at LKP Securities, said on Nifty's outlook.
--IANS
ad/vd
Please Share this article with your friends.
Sponsor
Related & Matched:
More from:Business
India continuing to grapple with 'severe and protracted power crisis' after surge in coal prices
Over a quarter of MSMEs lost over 3% market share due to Covid: Crisil
TN's 5 new SIDCO industrial estates to generate 22K jobs
Ola Electric's HR Director quits as top executives depart
Intel offers tech-based solutions to tackle road safety issues in India
Bajaj Auto to buyback shares at Rs 4,600 per share
Stablecoins not stable, have 'no role' as money, warns top banker
Hyderabad Airport sees highest passenger recovery in 2021-22
Kerala Financial Corporation to lend up to Rs 2 cr to MSMEs at 5% interest
Homegrown B2B marketplace Solv raises $40 mn to empower MSMEs
India saw 9.36 bn transactions worth Rs 10.2 tn in Q1 2022, UPI leads
Funding crunch a talent crunch for fintechs; only the resilient will survive
Nitin Gupta appointed as CBDT chairman
Indian non-banking finance sector's profit to be stable: Fitch Ratings
Indian Banks to post larger increase in margins: Moody's
టెలిగ్రామ్ లో ఆంధ్రవిలాస్ వార్తల కోసం
Cinema Vaarthalu
Sponsor
