Sensex Today | Stock Market LIVE Updates: Nifty 50 down 1,000 points from August 3 high, closed below 23,800. Put-Call Ratio near 0.6 suggests a bounce. Nifty Bank holds 57,000. Brent near $98, IPOs continue.
Sensex Today | Stock Market LIVE Updates: The Nifty 50 index enters today’s weekly expiry session having broken every possible support level on the upside. From the August 3 high of 24,774, the index is down exactly 1,000 points. From 24,350 levels, the index has broken below 24,200, 24,000 and now closed below the 23,800 mark as well. The only solace is the fact that the Nifty Put-Call Ratio has reached levels from where the index generally sees a bounce, which is close to 0.6.
The bulls would first look to reclaim 23,800 and sustain above it, before a move towards 24,000. While the Nifty continues to break key supports, the Nifty Bank has somehow managed to hold on to levels of 57,000 on the downside and that range will remain until a break in either direction.
Two headwinds – one, Brent remains near $98 a barrel and is headed towards $100 for the third time this year, and two, the spate of IPOs continue with three more opening for subscription today.
Keep an eye on Defence stocks, Tata Motors PV, GE Vernova T&D, Life Insurance players and others.
Watch this space for all the LIVE stock market updates.