Sensex, Nifty opened in red on Wednesday tracking weak global cues after the US Federal Reserve chief officials indicated that they are ready to step up the pace of tightening. IT stocks dragged by HCL Tech, Infosys were the major losers. Meanwhile, shares of Adani Group continued to gain for the sixth consecutive session.
Sensex declined over 300 points to trade at 59,844 in the open smelly It closed down 0.5% at 17,602. L&T, Maruti Suzuki, Tata Steel are among the top gainers at the moment.
“Investors will focus on Powell’s semiannual congressional testimony on Tuesday and Wednesday, and then on Friday on the non-farm payrolls report, which should show wage growth is being moderated, an important consideration for the central bank.” said Deepak Jasani, Head of Retail Research, HDFC Securities.
On Nifty, Jasani said, “The index faced resistance from the downgap formed on February 22 and corrected intraday though ended positive. It also moved up with gains indicating bullish momentum. Future direction Nifty needs to break 17600-17800 band for signals.”
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