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Nifty 50 rises above 22,600 as outlook shifts to sideways-bullish
The move came even as WTI stayed above $92 a barrel and concerns about India’s import bill and inflation outlook remained in focus.
LiveMint Markets reports that Sumeet Bagadia said the near-term market view has shifted from bearish to sideways-to-bullish after the Nifty 50 closed above the 22,600 support level.
The outlet said key Indian benchmarks extended their decline on Tuesday, with both the Nifty 50 and Sensex falling to fresh six-month lows as investors struggled to stabilize after a sharp prior-session correction.
LiveMint Markets noted selling was broad-based, with most Nifty constituents ending lower, reflecting limited appetite for dip buying and a fragile tone in domestic equities.
The report added that crude oil was not the main driver of the day’s drop, with WTI holding above $92 a barrel, while weak Asian cues and continued foreign institutional outflows added to the pressure. It also said elevated crude prices keep worries over India’s import bill and inflation outlook in focus.
Latest closeWTI crude $93.42 ▲1.1%|Sensex 73,895.74 ▲0.4%