Stock Market LIVE Updates: Another day when global cues are against Indian equities. But oversold conditions are the only hope that the bulls have to expect a bounce after the Nifty 50 has corrected 1,700 points from the August 3 highs. Watch this space for all the Live stock market action, stock picks from analysts and brokerages, management commentary and the fastest updates on buzzing stocks!
That level will be the most important one to watch on the downside. Most of the other global cues remain the same, with Brent Crude now above $108 a barrel, and the US bond yields on the 10-year note persisting above the 5% mark.
All eyes tonight will be on the US Federal Reserve as the market as mostly priced in a 25 basis points rate hike. For the Nifty, sentiments are likely to remain weak till it remains below levels of 23,250 – 23,300, according to analysts. The Nifty Bank also broke below the 56,000 mark on the downside on Tuesday and the bulls would first be aiming to reclaim those levels.
On the downside, 55,500 – 55,000 range will be watched as the index closed at the day’s low. Payment aggregators Paytm, Pine Labs and others will be in the spotlight yet again today after the MDR announcement. Also watch for Mazagon Dock, Groww, BHEL and others. The NSE IPO anchor book also opens today.
Watch this space for all the LIVE stock market updates.