3 hrs ago
Nifty falls below 23,000 as oil and rupee pressure markets
Indian stock markets fell sharply on Monday.
The Nifty dropped below the important 23,000 level.
The Sensex also lost more than 660 points.
Oil became more expensive, which worried investors.
The rupee was under pressure, and global interest rates were rising.
These factors made traders less confident about Indian shares.
A monthly trading-contract expiry on Tuesday could make prices move more than usual.
Analysts are watching 23,300 as a hurdle and 22,800–22,700 as a possible support zone.
The Nifty 50 fell below 23,000 in early Monday trading, reaching 22,914.10.
The BSE Sensex dropped 665.36 points, or 0.90%, to 73,230.38.
Brent crude rose above $106 a barrel as the rupee weakened and global bond yields increased.
Analysts said the Nifty faces resistance near 23,300, with support at 22,800–22,700.
Banks, metals, financial services and FMCG declined, while the Nifty IT index edged higher.
- Who
- Indian equity investors and traders, with analysts monitoring the market.
- What
- The Nifty 50 fell below 23,000 and the BSE Sensex dropped more than 660 points in early trading.
- Where
- Indian stock markets, including the National Stock Exchange and Bombay Stock Exchange.
- When
- Monday morning, ahead of the month-end Nifty and Bank Nifty expiry on Tuesday.
- Why
- Surging crude prices, pressure on the rupee, rising global bond yields, foreign selling and heavy primary-market supply weighed on sentiment.
Key facts
- Nifty level
- 22,925.50 at the time of reporting, down 215 points or 0.93%
- Sensex level
- 73,230.38, down 665.36 points or 0.90%
- Brent crude
- $106.58 a barrel, up 2.17%
- Gold
- $4,195.30, down 2.09%
- Technical resistance
- The Nifty faces an initial hurdle at 23,300, followed by 23,500
- Technical support
- The next zone to watch is 22,800–22,700
- Market event
- Month-end Nifty and Bank Nifty contracts expire on Tuesday
Quotes
Vipin Dixena
Market analyst discussing Nifty support and resistance levels
“With oil on the boil, the rupee under pressure and global bond yields rising, Indian markets are facing multiple challenges. With the month-end expiry of the Nifty and Bank Nifty slated for Tuesday, expect volatility.”
thestatesman.com
“Technically, the bias is neutral-to-cautious, and the undertone stays subdued as long as the index trades below 23,300.”
thestatesman.com
Sources
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