Domestic equity market snapped three-day winning streak today as BSE Sensex lost 227.80 points or -0.68 per cent to close at 33,227.99 and the Nifty50 closed at 10,240.15 today, down 82.10 points or -0.80 per cent, with 12 advances and 38 declines. Nifty Realty emerged as the top sectoral loser, ending the day down -1.56 per cent, while the Nifty Bank index fell as much as -1 per cent after gaining +2.2 per cent in the last three sessions.
The benchmark indices settled lower today on concerns that higher global crude oil prices would stoke inflation and impact future interest rate decisions by the Reserve Bank of India, with oil marketers and bank stocks weighing on the Nifty50. Brent crude oil, the international benchmark for oil prices, jumped above $65 per barrel for the first time since 2015 after the shutdown of the Forties North Sea pipeline knocked out significant supply from a market that was already tightening due to OPEC-led production cuts.
Nifty failed to continue its upmove and witnessed a sharp profit-booking decline after the winning streak of previous three sessions. It formed a Bearish Engulfing candle on the daily chart, as bears were having the tight grip on the market. Overall, index has got stuck in the broader trading range of 10,033 to 10,409 with no trading in the middle of the band. Now on immediate basis support is seen at 10,178, while the hurdle are at 10,330. If Nifty manages to move beyond this zone, then only we could see further momentum in the market towards 10,409 in next few sessions.