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homephotos Newsmarket NewsWake Up Call: 50 DMA holds the key for Nifty 50 as it encounters weak global cues, inflation woes

Wake Up Call: 50-DMA holds the key for Nifty 50 as it encounters weak global cues, inflation woes

SUMMARY

The GIFT Nifty is indicates a weak start for Indian benchmark indices, a large FII sell figure on Monday, India's inflation shocker, and more. These are the five things to watch as we begin trade today:

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By Sonia Shenoy  Aug 16, 2023 8:15:39 AM IST (Published)

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The GIFT Nifty is indicating a weak start after global markets ended in the red. Dow Jones was down 361 points overnight.

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Financial stocks JPM, Wells Fargo, Bank of America slid after Fitch's warning that it may be forced to downgrade dozens of banks, including JPM Chase. Weak economic data from China has also spooked markets after the People's Bank of China cut rates.

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The foreign institutional investors' (FII) on Monday sold Rs  2,324 crore in cash while domestic institutional investors (DIIs) bought Rs 1,460 crore in cash.

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India's inflation data on Monday evening came as a shocker: India's July CPI came in at 7.44 percent, which was far higher than expected.

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Nifty is down 2.7 percent from its July 20 high. Remember, the Nifty is holding on to its 50 day moving average (DMA) and Monday's low of 19258.

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