Fears of delays in rate cuts were stoked by hotter-than-expected US inflation statistics, which caused the major Indian markets, the Sensex and Nifty, to decline along with their Asian counterparts.
Sectorally, real estate packs and media increased more than 1%, but the banking, FCMG, and IT indexes saw decreases in trading.
As more and more MF stress test results trickled in, broad market indices languished.
The benchmarks are headed for their worst week since the end of October 2023, having lost roughly 1.7% apiece so far this week.
Nifty’s strength is reaffirmed over 22,300, although it faces critical support at 21,861 and 21,500. In light of this, prudence is suggested, particularly in light of the impending fund disclosures related to the stress test. Sector-wise, dropping iron ore and steel prices as a result of decreased Chinese demand have a negative impact on linked equities, while rubber prices reaching a 20-month high have a negative impact on tire stocks.