THE MORNING AFTER !

Share Market Live

NSE

Markets picked up from a dovish FOMC hike and the late sell off in US regional bank stocks overnight. There was a sharp swoon early on – which took the Nifty to the low of 17,045. Since then, things have improved with the Nifty rising almost 150 points from the day’s low. The Nifty has for now crossed a near term resistance level of 17,180.

Yesterday's high of Nifty at 17,207 and the 20-day moving average at 17,328 are immediate resistance levels to cross. Bank Nifty is off the lows of the day and the 20-day moving average at 40,175 and then 40,269 are resistances.

The top gaining sectors today are FMCG, private banks and metals, while on the losing side is PSU bank space and the IT services sector which is seeing some pressure.

Global markets will be closely watching any further comments from US regulators or senior officials with regards to their stand on government backstop to bank deposits. Remember overnight, Treasury Secretary Yellen appeared at hearing before a Senate subcommittee, where she ruled out providing any "blanket" deposit insurance, prompting a hit to regional banks.

(Edited by : Vahishta Unwalla)

First Published:Mar 23, 2023 1:32 PM IST