Nifty recoups most of losses after falling over 100 points
market, which closed lower for the second consecutive day on Thursday.
Despite an early dip, the Nifty, however, showed remarkable resilience, rebounding 113 points to conclude the session 46 points down at 19,625.
The Sensex, which fell 843 points in the last six trading sessions, closed at 65,629.
Among sectors, auto, FMCG and consumer durable were major gainers on Thursday. According to provisional data from BSE, foreign portfolio investors offloaded shares worth ₹1,093 crore, while domestic institutions made purchases amounting to ₹736 crore.
Market participants advise investors to stay cautious in the near term.
«US Fed chair Jerome Powell's speech late Thursday would be a key trigger for the market as it will provide some clarity over future interest rate hikes,» said Siddhartha Khemka, head — retail research, Motilal Oswal Financial Services.
«This, along with the escalating situation in the Middle East would keep market sentiments subdued.»
The oscillator on the Nifty charts is currently on a sideways trajectory with a potential negative crossover. Consequently, technical analysts are recommending traders exercise caution and refrain from pursuing aggressive long positions for the time being.
«Until the index surpasses the 19,850-19,880 resistance level, short-term traders should avoid aggressive longs,» said Ruchit Jain, lead research, 5paisa.com.
