MARKET VIEW
GLOBAL MARKETS
S&P 500 and the Dow lost almost 2 percent on Wednesday, their biggest daily drops, after weak economic data fueled recession worries.
Dow Jones fell 613.89 points, or 1.81 percent, to 33,296.96.
S&P 500 lost 62.11 points, or 1.56 percent, to 3,928.86.
Nasdaq Composite dropped 138.10 points, or 1.24 percent, to 10,957.01.
Shares in the Asia-Pacific traded lower on Thursday after tracking losses on Wall Street overnight. Australia’s S&P/ASX 200 dipped 0.11 percent. In Japan, Nikkei 225 and Topix traded down 0.17 percent and 0.76 percent respectively after Japan recorded another trade deficit for December.
South Korea’s Kospi trading positive with 0.4 percent change.
Oil prices fell about 1 percent on Wednesday, Brent futures fell 94 cents, or 1.1 percent, to settle at $84.98 a barrel.
INDIAN MARKET
Sensex rallied 390 points to 61,046, while the Nifty50 jumped 112 points to 18,165 and formed a bullish candle on the daily charts with higher high higher low formation. Banknifty gained 223 points to 42458.
The sectors which outperformed were Metals, Financial Services, Pharma and the sectors that underperformed were PSUBank, Energy, Auto.
Foreign institutional investors (FII) have net-sold shares worth Rs 319.23 crore, whereas domestic institutional investors (DII) have net-purchased shares worth Rs 1,225.96 crore
TODAY’S VIEW
The market is expected to open in the red. Trends in the SGX Nifty indicate a negative opening for the broader index in India with a loss of 89 ponts.
As per the pivot charts, the key support level for the Nifty is at 18,069, followed by 18,034, and 17,976. If the index moves up, the key resistance levels to watch out for are 18,185, followed by 18,221 and 18,279.