Sensex, Nifty Drop As Reliance, Bajaj Finance Drag: Midday Market Update

“Below 19,500, Nifty could fall to 19,400 or 19,300. Above 19,875, it would move towards 20,225 with a major hurdle at 20,050,” Shrikant Chouhan, head equity research, Kotak Securities Ltd., said.

“On the higher side, crossover of 19,850 will give a sharp up move in broader markets, while on the downside, support is placed at 19,550–19,600,” Vikas Jain, senior research analyst at Reliance Securities Ltd., said.

Asian stocks were mixed fuelled by the waning bet that the Federal Reserve would end its hiking cycle. Japanese shares declined after hitting a 33-year high, while shares rose over 1.6% in Hong Kong and rose in Australian, South Korea and China.

On Friday, the S&P 500 inched above 4,500 to notch its third straight week of gains—the longest run since July.

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