Today is the second trading session of the week, in which Nifty has its weekly expiry. On the expiry day, Nifty fell 87 points to 26,088, while Sensex fell 316 points to 85,325. Rupee continues to fall. Today, the rupee hit a new lifetime low of 89.97 against the dollar and looks set to drop below 90 any moment. It is worth noting that the market has continuously closed in the red for the last two sessions. On Monday, Nifty also hit a lifetime high of 26,325. At the time of writing, the Sensex is trading slightly down at 85,500. Out of the top 30 Sensex stocks, 15 are trading in green and 15 in red. Asian Paints, Bharti Airtel and Infosys are the top gainers, while HDFC Bank, ICICI Bank, Axis Bank and Bajaj Finserv are the top losers.
Market condition on Monday
On Monday, Nifty hit a new lifetime high of 26,325 intraday and finally closed 27 points lower at 26,175. Bank Nifty also crossed 60,100 intraday, but closed below. There is also weekly expiry today, due to which volatility will be high. Talking about the global market, the five-day rally in the US market stopped on Monday, with the Dow Jones Industrial Average (DJI) falling by almost one percent.
Important factors for the market
Important factors for the market right now include monetary policy announcements from the Reserve Bank of India (RBI) this week and the Federal Reserve (Federal Reserve) next week. Rate cuts are expected from both the central banks. Russian President Putin is coming to India this week. We will keep an eye on the conversation. This month, 25 IPOs worth ₹30,000 crore are coming. This will affect liquidity in the secondary market.
Nifty is getting support in 26,100 range. Moreover, the rupee is at an all-time low against the dollar and continues to fall. FIIs are also selling intermittently. Cryptocurrencies remain under pressure, which is weakening equity sentiment. However, on technical basis, the market has considerable support in the range of 26,100-26,000.
