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Sensex, Nifty trade cautiously in opening deals

Starting off on a positive note, the BSE Sensex shed gains accumulated as the morning trade progressed and was last trading at 58,108, down 28 points.

ET Now Digital

Updated Aug 3, 2022, 09:52 IST

Sensex edges lower in early trade

Mumbai: Indian equity benchmarks Sensex and Nifty were marginally lower in their opening deals on Wednesday, tracking mixed global cues.

Starting off on a positive note, the BSE Sensex shed gains accumulated as the morning trade progressed and was last trading at 58,108, down 28 points.

Likewise, the NSE Nifty was down 23 points at 17,323.

Markets will turn focus to the Reserve Bank of India's (RBI) three-day monetary policy meeting which begins on Wednesday.

With inflation at multi-year highs, the central bank’s monetary policy committee is seen raising rates, though the views on the quantum of increase were split wide between 25 basis points and 50 basis points, a Reuters poll of economists showed.

The Indian rupee was little changed on Wednesday after opening slightly higher versus the dollar as a strengthening greenback countered gains from portfolio inflows to local markets.

The first leg of the downsides anticipated yesterday into the 17,240-110 region (for Nifty), unfolded in the first half, only to find strong bargain buying catapulting Nifty above yesterday’s high, said Anand James - Chief Market Strategist at Geojit Financial Services.

This relentless buying interest is classic of bull phases, but the rise in VIX in the last two days hint at an increase in vulnerability especially as we move closer to 17,500. However negative divergences in oscillators spotted in short periodicities are yet to appear in the longer time frame, suggesting that Nifty needs more time in the 17,500 vicinity before a turn lower unfolds. For now 17,220 may be kept as the downside marker, he said.

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