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Indian equity markets are mirroring a trend that is playing out across the Asian and European regions, with the Nifty falling about a percent.
Golden Cross is an important technical indicator of bullishness. It occurs when the short-term moving average crosses over the major long-term moving average on the upside.
Stocks that were in focus include names like Hero MotoCorp, which was down 3.24%, Power Grid which fell 5.17%, and IDBI Bank, whose shares gained 8.5% on Tuesday.
The market is going through a phase of consolidation after its recent strong run, a trend that was anticipated by analysts. However, the underlying sentiment still remains positive.
The index is seeing the fourth straight month of gains in the FO series as it enters August. Brokerages expect the Nifty to hit fresh all-time highs, given the overall derivatives activity. In the last 26 years, the index has closed 59% in the green in the month of August.
The Asian currency touched a low of 142.80 per dollar. It was last at 142.66 per dollar, down 0.26%. Japan’s benchmark 10-year government bond yield surged on Monday to a nine-year high, leading the central bank to conduct additional purchase operations to cap its rise.
The dollar strengthened after a Federal Reserve survey showed U.S. banks reported tighter credit standards and weaker loan demand from both businesses and consumers during the second quarter, evidence that the central bank’s rate-hike campaign is slowing the nation’s financial gears as intended.
The biggest gainers on the Nifty were NTPC, Power Grid Corporation, Adani Ports, ONGC and Hindalco Industries, while Apollo Hospitals, Britannia Industries, HDFC Life, Divis Labs and Bajaj Finance were the top losers