Are Sensex and Nifty Facing a Slight Dip Amid Mixed Global Signals?

Mumbai, May 20 (NationPress) The domestic benchmark indices have started the day on a lower note on Tuesday, influenced by mixed global signals, with notable selling activity observed in the auto, PSU bank, and financial service sectors during early trading.

As of approximately 9:31 am, the Sensex was down by 40.79 points or 0.05 percent, trading at 82,018.63, while the Nifty saw a decline of 22.10 points or 0.09 percent, reaching 24,923.35.

The Nifty Bank index fell by 51.40 points or 0.09 percent to stand at 55,369.30. The Nifty Midcap 100 index was recorded at 56,943.00, reflecting a drop of 162.45 points or 0.28 percent. Meanwhile, the Nifty Smallcap 100 index stood at 17,606.90, down by 42.75 points or 0.24 percent.

Analysts indicate that from a technical standpoint, the Nifty has formed a bearish candle on the daily chart while operating within an inside bar pattern, closing just beneath the critical 25,000 mark.

"Throughout the trading session, the index displayed sideways movement within a narrow intraday range of 24,900 to 25,100—indicative of market indecision. Immediate support is identified at 24,900–24,800, while resistance levels are established at 25,100 and 25,235. A decisive breakout above 25,235 could pave the way for an upward trajectory toward 25,500–25,743," commented Mandar Bhojane, Equity Research Analyst at Choice Broking.

The Indian Rupee demonstrated robustness, appreciating by 10 paise against the US dollar to close at 85.40.

“This upward trend in the rupee can be linked to falling crude oil prices and a weakening US dollar,” noted Devarsh Vakil, Head of Prime Research at HDFC Securities.

In the Sensex pack, the top gainers included Tata Steel, Sun Pharma, Infosys, Tech Mahindra, ITC, Adani Ports, L&T, and HCL Tech. Conversely, Power Grid, Nestle India, Titan, Kotak Mahindra Bank, M&M, and HDFC Bank emerged as the leading losers.

Across Asian markets, indices in China, Hong Kong, Japan, Bangkok, Seoul, and Jakarta were trading positively.

In the previous trading session, the Dow Jones in the US closed at 42,792.07, gaining 137.33 points or 0.32 percent. The S&P 500 ended with a modest increase of 5.22 points or 0.09 percent, at 5,963.60, while the Nasdaq closed at 19,215.46, up by 4.36 points or 0.02 percent.

On the institutional front, both foreign and domestic investors adopted a cautious approach, marking the first simultaneous sell-off in over a month.

According to provisional data from the NSE, foreign institutional investors (FIIs) offloaded Indian equities worth ₹525.95 crore on May 19, while domestic institutional investors (DIIs) were net sellers amounting to ₹237.93 crore.