Live: Israel-Palestine war stokes volatility; Can markets weather the storm? | Setback for Dr Reddy’s
The market failed to extend the momentum seen last week and wiped out all the previous two days’ gains on October 9, especially after conflict escalated between Israeli and Palestine, which ultimately boosted oil prices in the international market. The Nifty50 has managed to defend 19,500-19,450 area amid volatility and selling pressure, which if it holds in coming sessions then the resumption of upward rally towards 19,600-19,800 will be seen again, whereas the crucial support for the index remains at 19,300 levels, experts said. The BSE Sensex declined 483 points to 65,512, while the Nifty50 climbed 141 points to 19,512. On the broader markets front, the Nifty Midcap 100 and Smallcap 100 indices were down 1.3 percent and 1.8 percent, respectively, on weak breadth, while the volatility index, India VIX jumped sharply by 12.11 percent to 11.40 levels, giving discomfort for bulls. This morning global cues are positive with US markets clocking in gains overnight as Fed members signal caution over future rate hikes. Asia is off to a strong start with the GIFT Nifty hinting at a start above the 19,600 mark. Meanwhile, stock in focus today are Dr Reddy’s as arm faces anti-trust complaint in U.S. over cancer drug Revlimid. Also in the spotlight will be Mazagon Dock, Genus Power and Phoenix Mills. Catch Nandita Khemka in conversation with Sacchitanand Uttekar, VP- Research (Derivative’s & Technical), Tradebulls Securities and Sandeep Raina, Executive Vice President- Research, Nuvama Professional Clients Group.
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