![]() Germany’s DAX lost 0.6 per cent to 13,202.55 while the CAC 40 in Paris edged 0.1 per cent lower to 6,178.49. The change likely signals an early election and more uncertainty for Italy and for Europe as a whole at a time when the region is forecast to fall into recession thanks to energy shortages and other spillover effects of the war in Ukraine. ![]() ![]() Shares opened lower in Europe and oil prices sank Thursday, after Italian Premier Mario Draghi resigned following a boycott of a confidence vote by key coalition allies. Even though a rate hike of this magnitude has already been factored in, the major market driver would be their commentary on future inflation and growth forecasts.” Global indices traded lower on rate hike worries as ECB in its meeting today, is expected to raise rates by 50bps, while the Fed is expected to increase rates by 75bps in upcoming meeting scheduled next week. Vinod Nair, Head of Research at Geojit Financial Services, commenting on the equity indices today said, “With support from FII buying, the domestic market was able to withstand the downward pressure from global markets to close on a positive note. The momentum oscillators are in the buy zone which confirms the strength.” The immediate upside resistance is placed at 36,500 and a breach of this lead accelerates the move towards the 37,000 level. Giving out a view on Bank Nifty, Kunal Shah, Senior Technical Analyst at LKP Securities said, “The Bank Nifty index continued its upward momentum and remains in a buy-on-dip mode with strong support at the 35,800 level. In the broader market, the S&P BSE MidCap rallied 290.37 points (1.24 per cent) to end at 23,701.35, while the S&P BSE SmallCap surged 238.71 (0.90 per cent) to settle at 26,716.56. Among sectoral indices on the NSE, Nifty PSU Bank gained 1.63 per cent, Nifty Media surged 1.19 per cent, Nifty Private Bank rose 1.17 per cent, Nifty Oil & Gas rallied 0.98 per cent and Nifty Metal inched up 0.86 per cent.
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