Market remained under pressure on Monday as Nifty Bank, Midcap & Small cap index ended in negative terrain while Nifty managed to post marginal gains and ended above 16,500. The deteriorating market breadth is sending warning signal for markets as rally is turning narrower day by day just to manage a positive closing in Nifty & Sensex. Yesterday, the Nifty Midcap 100 index activated breakdown from rising wedge and we can expect its spillover effect to be felt by broader market. For Nifty, yesterday’s low on closing basis will act as a crucial factor for short-term reversal and hence caution is advised. Trends in SGX Nifty are indicating a negative opening of 22 points.
U.S indices fell on Monday, as weak data from China sparked fears of slowing global growth, spurring a risk-off sentiment and a move into defensive stocks amid political turmoil in Afghanistan. Dow Jones Industrial Average was down 74.12 points, or 0.21%, at 35,441.26. The S&P 500 was down 15.06 points, or 0.34%, at 4,452.94, and the Nasdaq Composite was down 127.02 points, or 0.86%, at 14,695.88. Asian indices have opened mildly positive.
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- Just Dial shareholders approve Reliance investment in EGM
- Reliance announces doubling of PET bottles recycling capacity
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