MARKET VIEW
GLOBAL MARKETS
Dow Jones fell 339.69 points, or 1.02 percent, to 32,930.08.
S&P 500 lost 44.87 points, or 1.16 percent, to 3,808.1.
Nasdaq Composite dropped 153.52 points, or 1.47 percent, to 10,305.24.
Markets in the Asia-Pacific traded higher despite the Federal Reserve signaling further rate hikes ahead. A better-than-expected reading of ADP private payrolls report showed that employers added 235,000 jobs in December, showing a strong labor market despite the Fed’s attempt to tame inflation and suggesting there is more room for higher rates.
Nikkei 225 and the Topix in Japan pared its earlier losses to trade marginally higher. South Korea’s Kospi gained 0.37 percent and Australia’s S&P/ASX 200 rose 0.34 percent.
INDIAN MARKETS
Sensex fell 304 points to 60,353, while the Nifty50 slipped below the psychological 18,000 mark, down 51 points at 17,992 and formed a bearish candle. Banknifty declined 350 points closed at 42609.
The sectors which outperformed were FMCG, Auto, Pharma and the sectors that underperformed were Banks and Financial services, IT
Foreign institutional investors (FII) sold shares worth Rs 1,449.45 crore, while domestic institutional investors (DII) offloaded shares worth Rs 194.09 crore.
TODAY’S VIEW
The market is expected to open in the green as trends in the SGX Nifty indicate a positive opening for the broader index in India with a gain of 22 points.
As per the pivot charts, we have the key support level for the Nifty at 17,915, followed by 17,861, and 17,774. If the index moves up, the key resistance levels to watch out for are 18,089, followed by 18,142 and 18,229.