Indian indices, the Sensex and Nifty, dipped around 1% on April 15 as tensions in West Asia led to a cautious market sentiment. Analysts anticipate a period of consolidation in the coming days, considering the recent upward trend and the onset of the earnings season.
The Sensex dropped by 731 points to 73,502, while the Nifty 50 slipped 230 points to 22,289. Broader markets also witnessed a decline, with the Nifty Midcap 100 and Nifty Smallcap 100 indices falling by up to 3%.
Gift Nifty Future also opened negative as 22,446.00 as on 15-Apr-2024 10:13:43
Devarsh Vakil, Deputy Head of Retail Research at HDFC Securities, highlighted several factors that could influence market direction, including the Israel-Iran conflict, macroeconomic data, crude oil prices, Q4FY24 results, general elections 2024, and global cues.
Vakil suggested that the Nifty could target the support levels of 22,303-22,142 in the upcoming sessions, expecting any correction to be limited by the ongoing uptrend.
Conversely, Anand James, Chief Market Strategist at Geojit Financial Services, warned that if the Nifty fails to close above 22,200 or falls below 21,800, it could indicate a break in the bullish structure, potentially leading to a decline towards 20,300.
India VIX, a measure of near-term volatility, rose by over 7% to trade around 12.3.
All sectors experienced losses, with the Bank Nifty, Nifty FMCG, and Nifty Realty indices being the top sectoral laggards, each declining by over 1% within the first hour of trading.
Tata Consultancy Services (TCS) drew attention from investors as it reported better-than-expected earnings for the March quarter. The company’s consolidated revenue increased by 3.5% year-on-year, while net profit rose by 9.1% YoY.
Although brokerages are optimistic about TCS due to expected benefits from digital transformation deals in the medium term, they remain cautious in the near term due to a weak discretionary demand environment.
In Asia-Pacific markets, indices were on a downward trend, reflecting concerns over the impact of Iran’s attack on Israel. Japan’s Nikkei 225 fell by 1%, Australia’s S&P 200 index slipped by 0.6%, and South Korea’s Kospi slid by over 1%.
Oil prices remained relatively stable, with Brent Crude above $90 per barrel and WTI Crude above $85 per barrel.
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