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Indian Markets Extend Slide Amid Fed Fears
19 Aug
Summary
- Indian equities fell for a seventh consecutive session on August 19.
- Nifty closed down 0.32% at 24,078.30; Sensex down 0.42% at 76,909.68.
- IT stocks bucked the trend, but broader markets and mid/small caps weakened.
Indian equity markets continued their downward trend for the seventh consecutive session on August 19. The benchmark Nifty50 index concluded trading 0.32% lower, settling at 24,078.30, while the BSE Sensex registered a 0.42% decline, closing at 76,909.68.
Sentiment was shaped by investor concerns regarding the US Federal Reserve's potential ongoing fight against inflation, as traders awaited the release of the FOMC minutes. This cautious outlook led to broader market weakness, with both the Nifty Midcap100 and Nifty Smallcap100 indices experiencing declines.
In contrast, the Information Technology (IT) sector demonstrated resilience, with the Nifty IT index marking a gain of 0.73%. However, the overall market breadth remained negative, indicating more declining stocks than advancing ones on the exchange.
Analysts are closely monitoring the 24,000 level for the Nifty, identifying it as a crucial support zone amid persistent sell-on-rallies sentiment. A close below 24,050 could signal a move towards the 24,000 mark, while the 24,200-24,300 zone is expected to pose resistance on any recovery.
