Asian markets seen below the red mark globally
Mumbai, May 20 (IANS) India’s benchmark stock indices looked weak during the afternoon trading session on Thursday on fears of an economic slowdown and negative global cues. At 1.20 pm, the S&P BSE Sensex traded at 49,841.92, down 60.72 points or 0.12 per cent from its previous close. Similarly, the Nifty 50 of the National Stock Exchange was trading at 14,988.55, down 41.60 points or 0.28 per cent from its previous close. Furthermore, both the major indices started off on a positive note, however, gave up their initial gains soon thereafter.
Globally, most of the Asian stock markets are trading in the red mark. Metals, FMCG, IT, Auto and Banking space saw losses in today’s trade, while Realty, Media, Financial Services continued to trade in positive territory. On the domestic front, Nifty opened flat to negative and started a downside correction from its opening levels.
Jai Purohit, MoFSL said, “Despite the corrective steps, the market breadth remains in favor of the counters going forward. Currently, Nifty is retesting the ‘Falling Channel’ breakout line on the daily chart and is above the same. The ongoing correction of the last two sessions will be used as a buying opportunity as this is a corrective move within an uptrend. Going forward, resistance can be seen near 15300 while support is placed at 14900 and then 14700 levels.
According to Gaurav Garg, Head of Research at Capital Via Global Research: In morning trade, Indian equity indices continued their weak performance ahead of the weekly expiry of index futures and options contracts. Further decline in US markets Federal Reserve participants agreed that the US economy is far from central bank targets. Asian markets were mostly trading in the red followed by global peers.
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