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The domestic market continued its consolidation trend for the third consecutive day on April 17, as geopolitical tensions and a drop in the probability of short-term rate cuts weighed on investor sentiment. Heightened concerns arose following stronger-than-anticipated US retail sales, leading to speculation that the US Federal Reserve might delay rate cuts. This contributed to a notable uptick in the dollar index and US bond yields. The IT sector witnessed significant declines, primarily due to expectations of earnings being affected by weak discretionary spending in the US and muted domestic Q4 results.
Index Performance:
Sensex: The Sensex closed lower for a third straight session, down 456 points at 72943.
Nifty 50: The Nifty 50 also ended lower, falling 124 points to 22147. About 2,037 shares advanced, 1255 shares declined, and 86 shares remained unchanged.
Market Sentiment:
Analysts advised investors to adopt caution and adopt a wait-and-watch approach amidst ongoing uncertainties. The worsening situation in West Asia and rising US treasury bond yields added to investor concerns.
Sectoral Performance:
Nifty IT: The Nifty IT sector saw significant declines, falling 2.6 percent.
Nifty PSU Bank: Nifty PSU Bank shed 1.3 percent.
Nifty Pharma and Nifty FMCG: Conversely, Nifty Pharma and Nifty FMCG ended higher, up 0.4 percent, emerging as the top gainers amongst sectoral indices.
Technical Analysis:
The Bank Nifty index witnessed a recovery in the latter half of the session, closing above its 20-day moving average (20DMA) at 47,500. However, further analysis suggests that if the index fails to sustain above the 47,500-47,400 range, it could experience further selling pressure.
Outlook:
Going ahead, market participants are advised to remain cautious amidst ongoing geopolitical tensions and uncertainties surrounding interest rates. The broader market managed to stay afloat, with the BSE Smallcap gaining 0.6% and BSE Midcap closing flat. Investors are closely monitoring March quarter results domestically and the impact of rising bond yields on the US Federal Reserve's policy decisions.
Disclaimer:
This report serves for informational purposes only and does not constitute investment advice. Investors should conduct thorough research and consult with a financial advisor before making any investment decisions. Trading in financial markets involves risk, and individuals should be aware of the potential for losses.
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