Stock Market LIVE Updates: As though an action replay, the markets have once again slumped after surging, however, the tables have turned, and markets have soared in the green yet again. Nifty is now up over 150 points, rising above 23,250 mark The Nifty Bank has also recovered from lows, now surging over 500 points. Axis Bank, M&M and Tata Consumer are the top gainers.
The Nifty 50 index is down nearly 1,700 points from the August 3 closing of 24,774, which has now become the recent swing high. The sell-off over the last five sessions has meant that the Nifty is now down to testing its June series lows of 23,070, which it fell to on June 8, before rebounding.
On the other hand, even as all key indices are recovering, the Nifty Midcap index is under immense pressure, falling 400 points.
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.Watch this space for all the LIVE stock market updates.