Jane Street to Challenge SEBI’s Rs 4,843 Crore Ban Over “Index Arbitrage” Trades
Stocktwits - Indian markets opened weak on Monday, as escalating tensions in the Middle East weighed on sentiment. The Nifty slipped below the 25,000 level.
Over the weekend, the U.S. attacked three of Iran’s nuclear sites, escalating geopolitical tensions in the Middle East. Iran has threatened to block the Strait of Hormuz, impacting crude oil prices, which have hit a five-month high.
At 10:00 a.m. IST, the Nifty 50 traded 266 points lower at 24,846, while the Sensex fell 872 points at 81,535. Meanwhile, the India Volatility Index (VIX), a key gauge of market fear, rose 5%.
Broader markets also traded under pressure, with the Nifty Midcap index falling 0.3%
The retail sentiment on Stocktwits for Nifty remained ‘bearish’.
Nifty sentiment and message volume on June 23 as of 10:30 am IST. | source: StocktwitsSectorally, except for media stocks, all indices are in the red, led by heavy selling in FMCG and auto stocks.
Defense stocks are on a tear: Apollo Microsystems surged 8%, Ideaforge up 7%, Paras Defence and Zen Tech gained 4%, Data Patterns GRSE, and Cochin Shipyard (NSE:COCH) rose 2%.
BEL is the top Nifty gainer, rising 2% after the company notified that it had secured additional orders worth ₹585 crore since the last disclosure on June 5.
Meanwhile, technology stocks took a beating, reacting to Accenture’s Q3 earnings fineprint. Infosys (NSE:INFY) fell nearly 3%, followed by TCS (NSE:TCS), Wipro (NSE:WIPR) and Tech Mahindra (NSE:TEML) (-1 to 2%).
In a relief for small finance banks, the Reserve Bank of India lowered the priority sector lending requirement, with the mandated portion reduced by 15 percentage points.
And Ola Electric shares fell over 4% after a large block deal.
From a technical standpoint, SEBI-registered analysts on Stocktwits shared the trade setup.
Prabhat Mittal pegged immediate support for the Nifty at 24,880 and resistance at 25,220, while he placed Bank Nifty support at 55,700 and resistance at 56,700.
A&Y Market Research sees Nifty intraday resistance between 25,187-25,238 and support between 24,746-24,811. For Bank Nifty, they peg resistance at 56,467-56,510 and support at 55,930-56,050.
Globally, Asian markets traded lower as investors monitor Tehran’s retaliation to U.S. attacks on Iranian nuclear sites.