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Crude juggernaut, spike in US yields intensify gilt market fears of an early RBI tightening

The 14-day relative strength index (RSI) has slipped from an overbought zone (70) and Stochastic suggests negative crossover. Analysts said the index has support at 18,200 level while they see 18,600 as a key hurdle for the index.

The Nifty50 index closed 0.8 per cent lower at 18,266.60 points, while the BSE-Sensex ended at 61,259.96 points, down 0.7 per cent.

The Nifty Auto index closed 1.15 per cent down at 11493.3.

In a note, UBS said India, along with Taiwan and Australia, look unattractive, especially on the valuations front, even as it is positive on ASEAN.

As of 30-Sep-2021, promoters held 0.0 per cent stake in the company, while FIIs held 23.73 per cent and domestic institutional investors had 13.18 per cent.

Analysts at Jefferies said that while there is no visibility on the outcome, the news flow has raised uncertainty till the Budget, keeping ITC range-bound.

Cash levels are at a one-year high while growth expectations are the weakest since April 2020, the survey showed.

“At the end of the day the market always respects earnings so as soon as the earnings tailwind comes through, investors will start to get interested in the stocks. ”

Among the new buys, Agrawal bought 14,00,083 equity shares or 1.05 per cent stake in Radico Khaitan during July-September period. His stake in the brewery player is worth Rs 156 crore.