Global Markets
Home›Global Markets›India›India’s Nifty 50 slips as crude stays high and US yiel…
India’s Nifty 50 slips as crude stays high and US yields rise
Sumeet Bagadia said immediate support for the index is 22,500 to 22,600, while 22,800 and 23,000 are key upside hurdles.
LiveMint Markets cited Sumeet Bagadia, Executive Director at Choice Broking, saying India’s stock market bias is sideways to bearish. Bagadia pointed to pressure on domestic risk assets even after stronger-than-expected domestic industrial output.
The outlet attributed the market drag to Brent crude nearing $105 a barrel and the US 10-year bond yield around 5.25%. It said elevated crude prices could intensify inflation concerns, weigh on the rupee, and that higher US Treasury yields can make dollar-denominated assets more attractive, keeping foreign portfolio flows subdued.
LiveMint Markets also reported that the Nifty 50 closed at 22,620.45, down 95 points, or 0.42%, after an intraday rebound to 22,809 that was followed by sharp profit-taking. Bagadia described 22,500 to 22,600 as immediate support, with 22,800 and 23,000 positioned as key hurdles on the upside.
Latest closeWTI crude $93.42 ▲1.1%|Brent $98.85 ▼5.2%